Insurance Co’s position is to lose billions of dollars from disasters like La Fires. Comulate raises $20 million to build technology to help it work more smoothly

An unimaginable disaster like a fire in Los Angeles Thousands of Billion Dollars of Destruction Focus on the role the insurance industry will play in the reconstruction process. These events also lead to Major financial losses With the insurance company itself. And in the long run, all of this will highlight how well the insurance companies operate behind the scenes. Today, startups building technology for that purpose are unveiling funding rounds after rapid growth.

It’s been madebuilding tools to help insurers manage claims and revenue operations, closing the $20 million round. This is a Series B used to extend the technology stack to cover more features and expand operations.

The work of back office giants Bonds and Strategic Supporters co-lead the round. This funding comes after Comule has come (in a good way) after he has experienced the year of the barn.

In 2024, startups tripled their revenues (not revealing what these revenues are except that they have tens of millions of revenues). He had acquired so many inbound businesses from big companies that he said he skipped Series A rise and sent directly to Series B because of its value.

Comulate Company previously only raised $5 million from investors, including Spark Capital. No evaluations are disclosed.

Jordan Katz, CEO who co-founded the company with CTO Michael Mattheakis, said in an interview that the pair had no attempt to build a startup targeted at the insurance industry.

Initially, the two of them — who worked at Asana and Brex, respectively — wanted to build tools for people like themselves. “Saas, Saas,” Katz said. However, there was one minor issue.

“There are a lot of software that do very similar things, built by other software experts who know how to build great software for the problems they experience,” he said. “We felt that Silicon Valley didn’t need any more software.”

So they purposely changed their focus on insurance, he said, an area they barely know.

That was a lucky thing. Insurance is one of many industries that appear to be high-tech adjacency (often linked to financial services), but in reality it is largely ignored, especially when it comes to vertically specific solutions, new technologies.

For example, in billing and revenue management, many of the tools companies have used are common businesses at best, and at worst there are many manual processes that are error-prone and time-consuming. (Workday, a co-major investor here, is a prime example of its broad platform approach. Comule’s narrow focus was one of the reasons Workday invested.)

The issues that Comulate is targeting are enterprise classics. Usually, processes are largely ignored and accepted as to what it is until something important happens when the system stretches and breaks under pressure.

“It’s a sleepy but important area,” said Jay Simons, Bond’s general partner. Simons himself has experience as a former Atlassian president and has built “Saas for Saas.”

If the world is your oyster, “Sleepy but Critical” is the near-perfect formula when it comes to figuring out what to target in enterprise software.

Comule says today’s customers include brokers, Baldwin Group, IMA Financial, Risk Strategies and HILB Group.

Startups do not charge themselves as “AI” startups, but they are leaning towards the idea that “all companies are now AI companies.” Comulate uses machine learning to speed up processes and AI tools in areas such as analytics. The company claims it saved its customers about 260,000 hours of work as a result.