CHICAGO, Jan. 21, 2025 (GLOBE NEWSWIRE) -- Qumis, the only lawyer-built AI platform designed to transform insurance knowledge work, today announced the close of an oversubscribed $2.2 million pre-seed funding round.
The round was led by Armory Square Ventures with participation from MTech Capital, Grand Ventures, Alumni Ventures, and BrokerTech Ventures. Strategic investors include Sean Harper, co-founder and CEO of insurtech unicorn Kin Insurance, and Tom Vander Schaaf, former General Partner at Edison Partners. Further, some of the round was funded by Qumis customers, reflecting the market’s confidence in the platform’s potential.
Qumis replaces outdated, manual processes like policy reviews and claims coverage analyses with intuitive AI-powered solutions. Qumis combines AI with deep legal expertise required to help insurance professionals read, interpret, and provide counsel on complex policies with unprecedented accuracy and efficiency. Since its inception in 2023, Qumis already serves five of the 15 largest US insurance brokers, as well as leading specialty carriers and top insurance-focused law firms.
“At Qumis, we enable insurance professionals to work smarter, faster, and more confidently,” said Dan Schuleman, Qumis co-founder and CEO. “Advances in AI have unlocked the opportunity to reimagine the way insurance policies are analyzed and understood, transforming workflows that have remained unchanged for decades. This funding will accelerate our mission to bring cutting-edge solutions to an industry still entrenched in paper-based processes.”
Qumis draws on deep expertise to address critical pain points in insurance operations. Co-founder and CEO Dan Schuleman began his career as an insurance coverage attorney, experiencing firsthand the inefficiencies of manually analyzing complex property and casualty insurance policies. Co-founder and CTO Shiv Sinha, the former head of application development at Goldman Sachs, brings extensive experience in building and scaling fintech platforms, including leading the development of Marcus.
“The Qumis team has already achieved extraordinary traction with minimal resources, demonstrating both their ability to execute and meet the immense demand for their platform,” said Neenah Jain, partner at Armory Square Ventures. “We’re thrilled to partner with Qumis to drive the digitization of a legacy industry that is ready for transformation.”
Key features of Qumis include:
- Faster and less expensive law-firm caliber coverage analysis for complex claims: Automatically scans and analyzes complex insurance policies and claim files to assess coverage issues and draft coverage letters within minutes instead of weeks.
- Instant policy comparison and review: Quickly compares insurance policies, quotes, and binders to identify gaps and make coverage recommendations.
- Real-time insights: Provides brokers, carriers, and agents with real-time policy insights to improve claims management and underwriting decisions.
Qumis will use the new funding to scale its AI capabilities, accelerate product development, and expand its customer base.
About Qumis
Qumis is an AI-driven platform revolutionizing insurance knowledge work by replacing outdated workflows with smart, automated processes. Built by insurance industry legal professionals, Qumis enables anyone to quickly understand insurance policies and make informed decisions faster and with greater precision. The platform is already trusted by top brokers, carriers, and law firms to deliver better outcomes across brokering, claims, and compliance. For more information, visit Qumis.ai.
About Armory Square Ventures
Armory Square Ventures is a returns-oriented, mission-focused technology venture capital firm that is an optimism engine and a community catalyst for regions outside Silicon Valley. For more information visit armorysv.com.
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Sergut Dejene
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