According to InsurTech Insights, Benhamou Global Ventures (BGV), ManchesterStory, and Markd led the investment, with participation from both new and current investors.

COVU has already raised more than $20 million in total funding, with an additional $4 million in debt and equity financing to be released when certain benchmarks are met.

With the money it has obtained, the firm intends to expand its platform and enable insurance agencies to enhance client experiences, streamline operations, and grow their companies more profitably.

COVU's CEO and co-founder, Ali Safavi, expressed his optimism about the company's future and the additional financing. "We are dedicated to offering AI-native solutions that improve efficiency and trust to insurance agencies," stated Safavi. "We are excited to collaborate with investors who recognize AI's disruptive potential to revolutionize the insurance sector."

BGV Managing Partner Eric Benhamou commended COVU for its creative approach to insurance service. "By combining AI-driven insights with a human touch, COVU is leading the way in the future of insurance servicing," Benhamou stated. ManchesterStory's founding partner, Matt Kinley, emphasized the strategic posture of the firm by stating that "COVU's technology and approach are perfectly positioned to capitalise on this opportunity." He added, "insurance is ripe for disruption."

COVU's revolutionary blend of AI and human intelligence is revolutionizing insurance service, as noted by Parker Beauchamp, Founder of Markd, who referred to it as "a new standard in insurance servicing."

With the goal of leveraging AI to assist insurance firms grow their operations and improve efficiency and customer experience, COVU has made great progress with this round.