Prudential Financial’s asset management business, PGIM, will remain active in Taiwan. Credit: Tumisu from Pixabay.

US-based insurance underwriting platform Kalepa has raked in $14m in Series A round to fund that was led by Inspired Capital, an early-stage technology venture fund.

The company’s existing investors IA Ventures also participated in the latest round, techcrunch.com has reported.

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The round also saw participation from Gokul Rajaram of Doordash, Coinbase, and formerly of Google, Jackie Reses, formerly of Square, and Henry Ward of Carta.

The start-up, which was launched in 2018 by Paul Monasterio and Daniel Hillman, is based out of New York. It is aimed at commercial insurance underwriters.

Kalepa co-founder and CEO Paul Monasterio was quoted by publication as saying: “InsureTech has seen a massive evolution over the past decade, but commercial insurance—which supports hard-working business owners and protects their most important assets—has been left behind.

“We leverage billions of data points and unlock crucial insights in order to bring businesses and insurers a single version of the truth.”

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The company claims that its Copilot software ‘automatically learns’ what the best underwriters are doing, thereby allowing underwriters to take more informed decision.

Inspired Capital co-founder Penny Pritzker said: “Commercial insurance represents a $1 trillion industry globally and helps 30 million US businesses.

“Kalepa has brought some of the sharpest minds in understanding risk to this segment of the insurance market.”

Furthermore, Kalepa has added veteran insurance executive Mario Vitale to its Board.