CoverGo raises $6m in Series B1 led by Betatron for AI-native core platform
The core systems vendor says revenue has grown tenfold since its 2022 Series A and it has reached EBITDA breakeven.
CoverGo, which sells AI-native core systems for health, life and P&C insurers, has raised $6m in the initial close of its Series B1 round, led by Betatron Venture Group, Beinsure reported on 29 October.
New and existing investors also took part, taking CoverGo's total funding above $30m.
CoverGo says revenue has grown tenfold since its 2022 Series A and that it has reached EBITDA breakeven. It serves 25 institutional clients across 15 countries, including AXA, Bupa, Generali, Sun Life, Prudential, Blue Cross, MSIG and Marsh.
CoverGo said the money will fund further AI agent capabilities and international sales.
"Insurance companies realize more than ever that they need to modernize their core systems," said Tomas Holub, founder and chief executive of CoverGo.
Related coverage: AI insurance broker i23 raises £4.9m seed round from UK investors and Brazil's Alice raises $40m led by IFC for AI-run health plan.
Sources
CoverWire is a news and information service. Nothing here is investment advice.
Free briefing
The CoverWire briefing
Get the day's UK insurance news by email at 08:30 every weekday. It's free, and you can unsubscribe at any time.