AgencyKPI, an InsurTech based in Austin that provides business intelligence platform for the insurance industry, has secured Series B funding.
The round includes an investment from Live Oak Ventures, the investment arm of Live Oak Bancshares.
Three companies who participated in Agency KPI’s Series A round in June 2020, EMC Insurance Companies of Des Moines, Iowa; Keystone Insurers Group of Northumberland, Pennsylvania; and Austin-based Combined Agents of America, are continuing to invest in the InsurTech in this latest round.
In 2019, AgencyKPI emerged from stealth with $3m in seed and strategic-round funding raised from insurance networks, carriers, independent agencies, and C-level executives in the insurance industry.
The company’s platform is designed to address and manage the overabundance of data produced across the insurance industry, and aims to give insurance carriers, networks and independent agencies a deeper understanding of their data.
AgencyKPI said it will use the Series B capital to hire more software developers, data scientists and personnel to accelerate the development of cloud-based software that strengthens the ability of independent insurance agencies, insurance carriers, brokers and networks to assess data to “remain nimble and profitable.”
Stephanie Mann, Live Oak’s EVP of corporate development and strategy, said, “As a bank that lends to independent insurance agencies across the country, we see the extraordinary value AgencyKPI is providing.
“Their business intelligence platform is driving transparency, efficiency and overall better performance for our customers. Live Oak is excited to invest in companies such as AgencyKPI that leverage next-generation technology to support business growth.”
The company’s last funding round saw it raise $5m, led by EMC Insurance Companies. At the time, AgencyKPI said it would use the funding to hire more software developers and data scientists to help increase the development of its business intelligence.
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