Kalepa raises $75 million Series B at a $470 million valuation for insurance AI

Kalepa, a New York insurtech building Professional Grade AI for insurance workflows, said on Wednesday, Nov. 5, 2026, that it raised $75 million in Series B funding at a $470 million valuation, led by Updata Partners with participation from IA Ventures and Inspired Capital, bringing total funding to $91 million.

Insurance AI pitches usually stop at document chat. Kalepa is selling the harder thing: an underwriting harness that owns the path from clearance through bind and still leaves a human on the close calls. $75 million at a $470 million valuation, after staying cash-flow positive, is a vote that carriers will pay for workflow software that moves the combined ratio, not another inbox summarizer.

Kalepa, a New York company that sells software to insurers, said it raised $75 million in a Series B at a $470 million valuation. A Series B is a funding round that usually comes after a company already has customers. Updata Partners led. IA Ventures and Inspired Capital participated. Kalepa has now raised $91 million in total. The announcement is datelined New York, Nov. 5, 2026. The $470 million figure is the valuation in that announcement. The release does not split it into a separate pre-money price and a post-money price. Those lines are Kalepa's.

The previous round was a $14 million Series A in 2021, led by Inspired Capital, with IA Ventures participating. Those lines are Kalepa's.

Kalepa says that over the past year it tripled revenue and tripled its customer count, that it has been cash-flow positive for more than two years, and that the volume of work on the platform grew fourfold. Cash-flow positive means more cash came in than went out. The release does not give a revenue dollar figure or a headcount of customers. Those comparisons are the company's.

The company says the new money will expand the AI product suite, enter new markets, and double headcount in 2027. It does not say how many people work there now. Customers named in the release include W.R. Berkley, Bowhead Specialty, and AmRisc, which Kalepa describes as major insurers and MGAs. An MGA, a managing general agent, is a firm that can underwrite policies on an insurer's behalf. A name on that list is not a claim that the carrier is exclusive. Those lines are Kalepa's.

The product is an insurance-specific AI harness. A harness, here, is the layer that coordinates many software agents across operations, underwriting, pricing, and portfolio management. Underwriting is the decision of whether to insure a risk and at what price. Kalepa says the harness changes how much a task is left to the software based on the risk, that people step in where expertise or an approval is needed, and that every result is checked so it can be traced and audited. The company also says much of the insurance AI conversation still stops at isolated administrative tasks. That framing is Kalepa's.

Insurers using Kalepa have reported 30% to 60% more premium per underwriter, a 58% reduction in the time to produce a quote, a 960-basis-point improvement in combined ratio, and double the quote-to-bind rate. A basis point is one one-hundredth of a percentage point, so 960 of them is 9.6 percentage points. Combined ratio is claims plus the cost of running the business, divided by premium. Under 100%, premium covered claims and expenses. Quote-to-bind is how often a price quote becomes a sold policy. Those figures are what customers reported, as Kalepa published them. They are not a regulator's score.

Kalepa added senior leaders over the past year. Garrett Schlesinger joined as chief technology officer after 12 years at Affirm, where the company says he was the 12th employee and helped build Affirm's real-time underwriting system. David Meister is chief revenue officer, previously at Addepar. Audrey Howell is head of product, previously at Palantir and Butterfly Network. Tim Khoo-Jones is head of talent, previously head of talent at Block and Shopify. Those lines are Kalepa's.

Paul Monasterio, co-founder and chief executive, said: "Insurance runs on the judgment of experienced professionals, and our Professional Grade AI is held to that same standard. That means insurers can look at each task and ask who does it best, and at what cost. Sometimes that's AI and sometimes it's a person. When insurers get that division of labor right, their people's attention can go to the complex risks, close calls, and broker relationships that need it." That quotation is his, as in the release.

FinTech Global, reporting the round on Nov. 6, 2026, says Kalepa was founded in 2018 and sells technology to insurance carriers, MGAs, reinsurers, and program administrators. The company's own dateline is New York.

The picture is Kalepa's underwriting screen for a commercial schedule. Four panels cover construction, occupancy, protection, and exposure. Construction is what a building is made of. Occupancy is what happens inside it. Protection covers sprinklers, alarms, and distance to a fire station. Exposure covers hazards such as lightning, flood, and hail. The credit is Kalepa.

In plain terms, a New York insurance-software company raised $75 million, led by Updata Partners, at a $470 million valuation, and says it has been cash-flow positive for more than two years. The pitch is software that carries a policy from the first look through the bind, with a person still on the close calls. The release does not say a regulator approved the software.