Comulate, the technology company leveraging AI to transform the insurance industry, announced a $20 million Series B funding round led by BOND and Workday Ventures, marking a pivotal expansion of its vision to transform the insurance back office.
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“Comulate has scaled to 8-figure revenues in less than 3 years since founding – an unprecedented pace in the insurance industry,” according to Jay Simons, General Partner at BOND and former President of Atlassian. “The team is uniquely positioned to broaden its vision and transform an industry still burdened by hundreds of billions of dollars spent on manual operations across the value chain.”
The investment from the strategic capital arm of Workday, a leading finance and HR platform, will further propel Comulate’s reinvention of critical back-office workflows. As part of this investment, Comulate also joins Workday’s Partner Program to accelerate deeper integration for shared customers.
Since launching in 2022, Comulate has grown to power the back office operations of leading firms, including IMA Financial, The Baldwin Group, and Hilb Group. In the last twelve months, the company tripled revenues while enabling customers to reclaim over 350,000 hours by automating highly manual and error-prone processes across the accounting lifecycle.
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“In my twenty-five years in the industry, I’ve never seen customers so bought in,” says Jonathan Crystal, Managing Partner at Crystal Venture Partners and former CFO of Top 25 US broker Crystal & Company. “What’s even more striking is how Comulate channels that energy — by doubling down on their commitment to build something transformative and lasting as an independent company.”
BOND and Workday Ventures join investors Neo, Spark Capital, Jonathan Crystal, Plaid’s Zach Perret, and Applied Intuition’s Qasar Younis. Jordan Katz, Co-Founder and CEO of Comulate, says, “We’re grateful to be joined by world-class partners who share our conviction and accelerate us in bringing new solutions to life. We’re in the early innings of our journey and are excited to build upon our momentum.”
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Source – PR Newswire
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