Kalepa announced a $75 million Series B at a $470 million valuation on November 5, its first round since 2021. Updata Partners led the financing, with IA Ventures and Inspired Capital also participating.
The new round is more than five times its $14 million Series A. Kalepa says it has been cash flow positive for more than two years, with revenue and customer count each tripling over the past year.
Kalepa supplies AI software to commercial insurers and underwriting agencies. It reads insurance applications and supporting records, adds outside data and ranks submissions against an insurer’s criteria, helping underwriters decide which risks to assess and quote.
RBC Capital Markets reported in April that Bowhead Specialty uses Kalepa in its business handling large, complex risks. The system combines outside data and screens broker submissions against Bowhead’s underwriting criteria, helping specialists choose which accounts to spend time on.
The new capital will fund additional AI products and entry into more markets, Kalepa said. The company plans to double headcount in 2027.