Set up in 2022, the company is backed by Workday Ventures, BOND and Spark Capital. Credit: LALAKA/Shutterstock. 

Comulate, a US start-up harnessing AI for the insurance sector, has secured $20m in Series B funding. 

The funding round, spearheaded by BOND and Workday Ventures, also saw participation from Neo, Spark Capital, investor Jonathan Crystal, Plaid co-founder Zach Perret and Applied Intuition CEO Qasar Younis. 

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San Francisco-based Comulate said both lead investors “deeply understand the opportunity to transform the back office of insurance”. 

With the new funding, the company plans to accelerate the automation of manual processes within the insurance back office, aiming to reduce operational burdens.  

This will be pursued while continuing to prioritise the customer partnerships that have been integral to its growth, the start-up said in a blog post.   

As part of the investment, Comulate will also join Workday’s Partner Programme to enhance integration for shared customers. 

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Comulate CEO and co-founder Jordan Katz said: “We are grateful to be joined by world-class partners who share our conviction and accelerate us in bringing new solutions to life. We are in the early innings of our journey and are excited to build upon our momentum.” 

Since its inception in 2022, Comulate claims to have expanded to support the back-office operations of companies such as IMA Financial, the Baldwin Group and Hilb Group.  

The company said that over the past year it has tripled its revenue while helping clients recover more than 350,000 hours by automating labour-intensive and error-prone accounting processes. 

BOND general partner Jay Simons said: “Comulate has scaled to eight-figure revenues in less than three years since founding – an unprecedented pace in the insurance industry.  

“The team is uniquely positioned to broaden its vision and transform an industry still burdened by hundreds of billions of dollars spent on manual operations across the value chain.”