Irys Insurtech, a Tampa, Florida-based startup, closed $3.5 million in a seed funding round led by Markd.

The funding round included follow-on investment from prominent insurtech firms Brokertech Ventures, Revtech Labs, Cofounders Capital, and Mtech Capital.

The fresh funds will be used to scale the platform and implementation team.

Irys is an open API software platform with a mission to break down the barriers erected by large legacy competitors. Their cutting-edge platform utilizes machine learning (ML) and generative artificial intelligence (AI) to aid insurance brokers by providing critical information exactly when it's needed.

"Parker Beauchamp, our lead investor, shares our vision of breaking free from outdated, restrictive insurance practices," says Margeaux Giles, CEO of Irys. "We've assembled a group of intelligent, motivated, and unorthodox insurance entrepreneurs. We're not just shaking the tree; we're uprooting it."

Company: Irys Insurtech, Inc.

Raised: $3.5M

Round: Seed Round

Funding Month: August 2023

Lead Investors: Markd

Additional Investors: Brokertech Ventures, Revtech Labs, Cofounders Capital and Mtech Capital

Company Website: https://iryscloud.com/

Software Category: Open API Cloud-based Management System

About the Company: Established in 2021, Irys Insurtech, Inc. is a Tampa-based fintech SaaS company that brings innovative, AI-driven solutions to the insurance industry. Irys is an open API cloud-based management system. By offering a unified workspace that simplifies workflows and ensures data precision, Irys drives significant ROI, enabling companies to grow their books and amplify client satisfaction.

Source: https://www.prnewswire.com/news-releases/irys-insurtech-inc-the-revolutionary-insurtech-challenger-closes-3-5-million-seed-round-to-take-on-legacy-competitors-301909491.html