An artificial intelligence-powered insurance company announced Thursday it has secured $106 million in new investment funding, pushing the firm’s total worth to $2.6 billion.
Corgi, which uses AI technology to modernize insurance services, completed the funding round with investment firm TCV serving as the lead investor. The significant investment demonstrates how eager investors have become to back startups that are applying artificial intelligence to transform traditional financial services.
The Series B1 funding round included money from Prime Capital, Kindred Ventures and additional investors, the company reported.
This latest financial backing follows remarkably quickly after the San Francisco-based company’s previous major funding announcement. Just three weeks ago, Corgi revealed it had completed a $160 million Series B round that valued the business at $1.3 billion.
Company CEO Nico Laqua shared that Corgi achieved profitability last month and explained the fresh capital will fuel the company’s growth into new market areas. “The new funding would help the company expand into additional segments, including trucking, small business and sports,” Laqua said.
Corgi operates as an insurance technology business, delivering underwriting services, claims processing and embedded insurance solutions designed for commercial clients.
