Irys Insurtech, Inc., a pioneering insurtech startup, has closed a seed funding round of $3.5 million, marking its entrance into the market dominated by stagnant legacy agency management systems. The funding round was led by Markd, known for its keen interest in groundbreaking insurtech innovations. This investment heralds a new era where traditional insurance distribution processes are challenged and redefined.
Irys, established in 2021, is an open API software platform with a mission to break down the barriers erected by large legacy competitors. Their cutting-edge platform utilizes machine learning (ML) and generative artificial intelligence (AI) to aid insurance brokers by providing critical information exactly when it’s needed.
“Parker Beauchamp, our lead investor, shares our vision of breaking free from outdated, restrictive insurance practices,” says Margeaux Giles, CEO of Irys. “We’ve assembled a group of intelligent, motivated, and unorthodox insurance entrepreneurs. We’re not just shaking the tree; we’re uprooting it.”
This seed round will fuel the scaling of the platform and implementation team, thereby providing the industry a much-needed escape route from the confines of traditional systems. Irys, with its revolutionary spirit and no-nonsense approach, is ready to demonstrate what the future of insurance distribution can and should look like.
Markd’s Beauchamp asserts, “In my distribution experience, there was never a bigger drag on growth, profitability, innovation, and customer happiness than an agency management system. I have no issue with legacy claims of those to be the original insurtechs. They certainly act like it.”
“In Margeaux and her team, we knew we had finally found someone who has been a successful insurance agency account and operations manager, and they created and will continually innovate an AMS other professionals like she all dream of having.”
With this successful funding round which included follow-on investment from prominent insurtech firms Brokertech Ventures, Revtech Labs, Cofounders Capital and Mtech Capital, Irys is geared up to bring a refreshing, innovative approach to an industry in desperate need of change.