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AI insurance platform Corgi said on May 28 it raised $106 million in a funding round led by investment firm TCV that valued it at $2.6 billion.

The funding round underscores strong investor appetite for startups using artificial intelligence to modernize the financial services sector.

Related: Tech Update: Corgi Fills AI Risk Gaps; Gallagher Touts AI-Human Sales Blueprint; Cogitate AI and Vital Protect Medical Practices

Here are some details:

• The Series B1 round also included participation from Prime Capital, Kindred Ventures and other investors.
• The latest round comes just three weeks after San Francisco-based Corgi announced a $160 million Series B round at a $1.3 billion valuation.
• Corgi CEO Nico Laqua said the company was profitable last month and that the new funding would help the company expand into additional segments, including trucking, small business and sports.
• Corgi is an insurance technology company that provides underwriting, claims handling and embedded insurance products for commercial customers.

(Reporting by Srivastava in Bengaluru; editing by Alan Barona)

Topics Mergers & Acquisitions