ProNavigator, a provider of a purpose-built SaaS knowledge management platform for insurance, has raised US$10m of growth financing.
The funding round was co-led by Graphite Ventures and previous investor, Luge Capital. Additional financing partners included EDC, Tactico, and CIBC Innovation Banking.
Referred to by its users as “Google Search for Insurance,” ProNavigator’s proprietary machine learning and AI are trained on specific insurance knowledge. The InsurTech said this means it understands the types of queries insurance professionals use and retrieves the right information within seconds.
ProNavigator said its solution has been implemented by leading industry players, including insurance industry heavyweights such as TD Insurance, Wawanesa, HUB International, and NFP.
The InsurTech said it will use this latest funding round to accelerate US and Canadian sales, in addition to product development and to grow the team.
ProNavigator founder and CEO, Joseph D’Souza, will lead the US expansion strategy and additional team from the new, second headquarters in Raleigh, North Carolina.
D’Souza said, “We are excited about the US expansion opportunity, which will play a key role in growing existing and new customers. The commitment from our investors and customer stickiness reinforces that we’re on the right track – particularly as it relates to providing a valuable solution for the insurance industry at large.”
Managing director, and general partner at Graphite Ventures, Aaron Bast added, “The ProNavigator team is impressive, strategic, and highly committed. The company’s vision and solutions are providing value and efficiencies for insurance companies, positioning ProNavigator as an insurtech changemaker. We look forward to supporting their ongoing mission of improving the insurance industry for insurers and their customers.”
Turaco, a distributor, broker and key customer interface between underwriter and end consumer, recently raised US$10m from a Series A round. The round was led by AfricInvest and Novastar Ventures