Kalepa, the New York-based InsurTech developing artificial intelligence for insurance professionals, has raised $75m in a Series B funding round at a $470m valuation, following a year in which its revenue and client base each tripled.

The round was led by Updata Partners, with existing investors IA Ventures and Inspired Capital also participating. The investment brings Kalepa’s total funding to $91m, following a $14m Series A in 2021 led by Inspired Capital, with IA Ventures also taking part.

Kalepa plans to use the proceeds to expand its AI product portfolio, enter additional markets and double its workforce during 2027. The company said it has maintained positive cash flow for more than two years while achieving its recent growth. Its customers include major insurance carriers and managing general agents (MGAs), such as W. R. Berkley, Bowhead Specialty and AmRisc.

The investment comes as insurers face growing pressure to improve underwriting efficiency, manage rising claims costs and address the loss of experienced professionals. As established employees leave the industry, insurers risk losing specialist knowledge, while newer AI-focused competitors are raising expectations around speed and operational performance. Softer insurance pricing is adding further pressure, leaving businesses with less room for underwriting mistakes.

Kalepa’s platform is designed to coordinate work across insurance operations, underwriting, pricing and portfolio management. Its technology uses a purpose-built AI harness to manage underlying agents, adapting to changing conditions and determining how much autonomy each task should receive according to its risk. Human professionals remain involved where specialist judgement or approval is required, while outputs are checked to maintain traceability and auditability.

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