Pace, an AI operations partner for insurers, announced it has raised $46 million in Series B funding. The round was co-led by Thrive Capital and Sequoia Capital, with participation from Emergence Capital and Pruven Capital.
Pace partners with several public insurers and brokers, including The Mutual Group, Newfront, Prudential Financial, and WTW. Since launching last year, the company said it has autonomously completed more than a quarter of a million insurance workflows using AI agents.
The company said its AI agents navigate internal applications, reason across documents, and make phone calls to automate back-office insurance tasks such as submission intake, policy servicing, claims handling, and data entry.
Pace plans to use the new funding to help customers scale their AI-driven workforce to tens of millions of operational tasks this year across the United States, Europe, and additional global markets.
According to the company, its technology is already being deployed across multiple insurance organizations. At Prudential, Pace automates thousands of hours of manual work tied to policy servicing and issuance for customer acquisition. In partnership with Ryze Claim Solutions, Pace said it helps resolve claim cycle times 30% faster. At Convex US, the company’s AI agents accelerate data ingestion for new business and renewals.
KEY QUOTES:
“At Pace, we are on a mission to insure more of the world’s risk. Closing the $9 trillion protection gap starts with AI-native operations and Pace agents are purpose built for that work.”
Jamie Cuffe, Founder and CEO, Pace
“At Thrive, there are two things that really matter to us when investing in a company: ideas whose time has come and people who are really well matched to the problems they’re working on. We are in this really special moment where the most important high value parts of the knowledge economy are being augmented and automated to a significant degree by these models and Jamie is one of those people where you go in biased to saying yes.”
Philip Clark, Partner, Thrive Capital
“We’re delighted to be partnering with Pace. Our collaboration brings together shared ambition, complementary strengths, and a real commitment to doing things better, for our clients, colleagues, and the wider industry. This partnership will make a meaningful difference to our business model over the long term.”
Terry Garrett, Head Of Strategy And Operators, Risk & Brokering, WTW
