ZA Tech, an insurance Software as a Service (SaaS) provider, has raised $35m (S$47.26m) in its Series A funding round.
The investment was led by global technology investor EQT and Southeast Asia’s venture firm Alpha JWC Ventures.
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Concurrently, the Singapore-based insurance technology provider ZA Tech has announced a rebrand to Peak3.
Founded in 2018, the insurtech company has created a cloud-native, modular insurance core and distribution system that caters to life, health, and property and casualty (P&C) insurance sectors.
The system is currently used by insurers such as AIA, Generali, Prudential, and Zurich for both digital and traditional business models.
In addition to serving insurance companies, Peak3 has forged partnerships with digital platforms including Carro, Grab, Klook, and PayPay.
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By GlobalDataThese collaborations are designed to build and scale embedded insurance businesses, integrating insurance services into the digital customer journey.
Peak3 plans to use the funding to enhance its analytics and artificial intelligence capabilities and to expand its operations in Europe, the Middle East, and Africa (EMEA).
In addition, the company plans to establish new partnerships with system integrators.
With these moves, Peak3 is targeting double-digit annual recurring revenue growth within the year and anticipates reaching cashflow breakeven in the upcoming quarters.
Other key developments at Peak3 include the launch of its first multi-country, multi-tenant core modernisation project in Europe.
Additionally, the company has rolled out an integrated customer data and big data platform for scaling its analytics and AI functionalities.
In a move to solidify its global presence, Peak3 has established its inaugural technology centre in Europe.
Peak3 group CEO and co-founder Bill Song said: “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.
“There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.”
EQT partner Clara Ho said: “Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network.”
