Pace, an AI operations partner for insurers, has closed a $46m Series B funding round co-led by Thrive Capital and Sequoia Capital, with additional backing from Emergence Capital and Pruven Capital.
The investment will be used to help Pace’s customers scale their AI agent workforce to tens of millions of operational tasks throughout the year, extending its reach across the US, Europe and beyond.
Since its launch last year, the company has autonomously handled more than 250,000 critical insurance workflows on behalf of major industry players.
Pace counts a number of major public insurers and brokers among its partners, including The Mutual Group, Newfront, Prudential and WTW. At Prudential, the platform automates thousands of hours of manual work across policy servicing and issuance for customer acquisition. Working alongside Ryze Claim Solutions, Pace has reduced claim cycle times by 30%, while at Convex US, its AI agents accelerate data ingestion for new business and renewals.
Pace’s platform allows AI agents to navigate internal applications, reason across documents and conduct phone calls to handle back-office insurance tasks. These include submission intake, policy servicing, claims handling and data entry.
Pace founder and CEO Jamie Cuffe said, “At Pace, we are on a mission to insure more of the world’s risk. Closing the $9 trillion protection gap starts with AI-native operations and Pace agents are purpose built for that work.”
Thrive Capital partner Philip Clark said, “At Thrive, there are two things that really matter to us when investing in a company: ideas whose time has come and people who are really well matched to the problems they’re working on.
“We are in this really special moment where the most important high value parts of the knowledge economy are being augmented and automated to a significant degree by these models and Jamie is one of those people where you go in biased to saying yes.”
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