Irys Insurtech, an innovative insurtech startup, has successfully closed a seed funding round of $3.5 million, signaling its entry into the insurance market long dominated by traditional and stagnant agency management systems.
Markd, renowned for its investment in pioneering insurtech innovations, led the funding round, marking a pivotal moment where conventional insurance distribution processes are being reimagined and revitalized.
Established in 2021, Irys introduces an open API software platform that aims to dismantle the barriers created by entrenched legacy competitors. Employing cutting-edge technologies such as machine learning (ML) and generative artificial intelligence (AI), the platform offers crucial information precisely when insurance brokers need it most.
Margeaux Giles, CEO of Irys, shared her excitement about the company’s vision, stating, “Our lead investor, Parker Beauchamp, shares our commitment to breaking away from outdated and restrictive insurance practices. We’ve assembled a team of smart, motivated, and unconventional insurance entrepreneurs. We’re not merely shaking the tree; we’re uprooting it.”
The funds from this seed round will be used to scale the platform and bolster the implementation team, providing the industry with a much-needed alternative to traditional systems. Armed with a revolutionary spirit and a bold approach, Irys is poised to redefine the future of insurance distribution.
Parker Beauchamp from Markd emphasized, “Throughout my experience in distribution, nothing has hindered growth, profitability, innovation, and customer satisfaction more than an agency management system. While I acknowledge the claims of legacy companies as the original insurtechs, their behavior speaks otherwise.”
“In Margeaux and her team, we finally discovered individuals who have excelled as insurance agency account and operations managers. They have created and will continue to innovate an agency management system that professionals like them dream of having.”
With the successful completion of this funding round, which also saw continued investment from influential insurtech firms including Brokertech Ventures, Revtech Labs, Cofounders Capital, and Mtech Capital, Irys is well-positioned to bring a fresh and innovative perspective to an industry ripe for transformation.
