Credit: Kowit Lanchu / Shutterstock.com.

US-based Irys Insurtech has garnered a $3.5m investment in its seed financing round to augment its platform and the implementation team.

Markd, a venture capital company that invests and collaborates with insurtechs, led the financing round.

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The funding round also saw participation from Brokertech Ventures, Revtech Labs, Cofounders Capital and Mtech Capital.

Through the latest investment, the company intends to redefine standard insurance distribution processes.

Irys Insurtech CEO Margeaux Giles said: “We’ve assembled a group of intelligent, motivated, and unorthodox insurance entrepreneurs. We’re not just shaking the tree; we’re uprooting it.”

Founded in 2021, Irys is an open application programming interface (API) software platform. 

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Its platform leverages machine learning (ML) and generative artificial intelligence (AI) to facilitate insurance brokers by offering vital data when required.

The startup also delivers a workspace that optimises workflows and guarantees precise data offerings, aiding in the organic growth of companies and enhancing customer satisfaction.

Commenting on the latest investment, Markd founder and managing partner Parker Beauchamp said: “In my distribution experience, there was never a bigger drag on growth, profitability, innovation, and customer happiness than an agency management system.

“In Margeaux and her team, we knew we had finally found someone who has been a successful insurance agency account and operations manager, and they created and will continually innovate an AMS other professionals like she all dream of having.”