❯ Kalepa raises a $75 million Series B at a $470 million valuation, five years after its Series A, to expand AI underwriting and pricing

A new round five years laterKalepa announced a $75 million Series B on November 5 at a $470 million valuation, led by Updata Partners with IA Ventures and Inspired Capital participating. Its previous financing was a $14 million Series A led by Inspired Capital in 2021. Total funding now stands at $91 million.

Helping insurers assess riskKalepa serves insurers and managing general agents across operations, underwriting, pricing and portfolio management. Its platform coordinates AI agents while retaining professional judgment and approvals according to task complexity and risk. Customers including W.R. Berkley, Bowhead Specialty and AmRisc buy more efficient insurance workflows with traceable decision records.

Business growth between roundsThe company says revenue and customer numbers tripled in the past year, platform work volume quadrupled and it has been cash-flow positive for more than two years. It did not disclose the absolute revenue figure, and those operating metrics remain company statements. Kalepa has expanded its customer base since the previous round and will now invest further in products and markets.

More products and specialist staffProceeds will broaden the AI product suite, enter new markets and support a plan to double headcount in 2027. Kalepa wants to extend AI from isolated administrative tasks into connected insurance workflows, letting people concentrate on complex risks, borderline cases and broker relationships. Verification and permissions remain part of the platform as work volume increases, rather than ending when tasks are delegated to models.

▮ SIGNALIf Kalepa sustains its reported positive cash flow, it will have greater choice over expansion; its advantage will depend on whether deep insurance workflows are easier and more trustworthy than customers’ own combinations of general AI tools.