ProNavigator Raises $10M to Accelerate Platform Expansion for the Insurance Industry
At ProNavigator, we share a vision to build the world's most powerful information backbone to power insurance organizations. We want to make knowledge instant, effortless and consistent for insurance staff.
Today, we're excited to share how we're accelerating that vision with a $10 million investment co-led by Graphite Ventures and previous investor Luge Capital and participation from EDC, Tactico, and CIBC Innovation Banking. These partners, like us, believe in a future where technology improves insurance organizations' back office, making it easier for everyone.
When ProNavigator raised funding just over two years ago, I shared how much I valued the opportunity to continue bringing our product to the insurance industry. The pandemic and work-from-anywhere environment forced us all to change our thoughts about how information is accessed. The importance of information anytime and anywhere is needed more than ever.
This continued focus on supporting insurance organizations has led to significant revenue growth and customer satisfaction. Growth is never easy, and ours has only been possible thanks to our amazing team and the strong response from our customers.
We're Doubling Down
The insurance industry is at a critical point, especially regarding technology. For over a decade, much of the investment in technology has focused on the consumer side and not the insurance organization or its people.
ProNavigator exists to support the insurance professional. Our software is purpose-built for underwriters, claims and operations teams, brokers, and agents. We believe that as the insurance industry begins to attract a new generation of workers, speed and simplicity of accessing information will be table stakes in attracting and keeping top talent.
We plan to use this investment to accelerate the expansion of our platform and further grow our team for three key reasons:
- We believe there is an enormous opportunity to grow within the insurance industry, which is growing every year and still lags behind many other industries in technology adoption.
- We know our customers value and benefit from our focus. We can create more value faster by staying laser-focused on the needs of a specific industry.
- Frankly, we love insurance too much. As the often-repeated mantra goes, "Once you are in insurance, you'll never leave." I'll speak for our team when I say this is because of the people in the space. It's collaborative, driven, and ever-evolving in the right direction. Nothing brings us more satisfaction than truly impacting their businesses and lives.
Thank You, Thank You, Thank You.
Our journey together is just beginning. I see this investment in our growth as a validation of our vision where knowledge is instant and effortless.
I want to thank the entire ProNavigator team for the effort to get us to this milestone.
And, on behalf of everyone at ProNavigator, I want to express our deepest appreciation to our clients, who have entrusted us to help them and partnered with us to grow their businesses.
Here's to what's next. We're just getting started.
- Joseph D’Souza – Founder & CEO, ProNavigator
OFFICIAL PRESS RELEASE
ProNavigator Raises $10 Million Growth Investment, Opens Second Headquarters in the U.S.Company to Accelerate Product Development and U.S. Growth
KITCHENER, ON, CANADA, September 14, 2022 /EINPresswire.com/ -- ProNavigator, provider of the only purpose-built SaaS knowledge management platform made for insurance, has closed $10 million of growth financing, co-led by Graphite Ventures and previous investor, Luge Capital. Additional financing partners include EDC, Tactico, and CIBC Innovation Banking. ProNavigator will use this latest funding round to accelerate U.S. and Canadian sales and product development and grow the team. ProNavigator founder and CEO, Joseph D’Souza, will lead the U.S. expansion strategy and additional team from the new, second headquarters in Raleigh, North Carolina.
"The ProNavigator team is impressive, strategic, and highly committed,” says Aaron Bast, Managing Director, and General Partner at Graphite Ventures. “The company’s vision and solutions are providing value and efficiencies for insurance companies, positioning ProNavigator as an insurtech changemaker. We look forward to supporting their ongoing mission of improving the insurance industry for insurers and their customers.”
Referred to by its users as “Google Search for Insurance,” ProNavigator’s proprietary machine learning and AI are trained on specific insurance knowledge, so it understands the types of queries insurance professionals use and retrieves the right information within seconds. ProNavigator’s solution has been implemented by leading industry players, including insurance industry heavyweights such as TD Insurance, Wawanesa, HUB International, and NFP.
David Nault, General Partner at Luge Capital, adds, “ProNavigator’s solution has proven to significantly accelerate response times to customer and advisor inquiries saving time and money. They are accelerating as the category winner in knowledge management for the insurance industry, and this funding round helps further grow their Canadian and U.S. leadership position.
“We are excited about the U.S. expansion opportunity, which will play a key role in growing existing and new customers,” says D’Souza. “The commitment from our investors and customer stickiness reinforces that we're on the right track - particularly as it relates to providing a valuable solution for the insurance industry at large.
ProNavigator is the leading knowledge management platform for the Insurance Industry. Thousands of insurance professionals use ProNavigator each day by helping their back office store, manage and use their documents - like underwriting guidelines, wordings, and endorsements - that sit outside policy management systems or AMS’s. The award-winning platform leverages the latest advancements in artificial intelligence and natural language understanding to instantly, automatically, and accurately retrieve mission-critical insurance information. Learn more about pronavigator.ai.
About Graphite Ventures
Graphite Ventures is an early-stage seeding for scale venture capital firm. Graphite invests in early-stage B2B SaaS, fintech, proptech, digital health and capital-efficient hardware companies. Founded in 2021 as an evolution of MaRS IAF, we are one of Canada’s most active and consistent VC firms, having invested in 175 companies over the past decade. For more information, please visit graphitevc.com, email us at email@example.com, or follow @graphitevc on Twitter and LinkedIn.
About Luge Capital
Luge Capital is a FinTech-focused venture capital fund that invests in early-stage companies based in Canada and the United States. Luge is on a mission to build FinTech champions with amazing founders who are shaping the way the world experiences financial services and challenging the status quo. The team has 50+ years of operational, entrepreneurial, and investment expertise and are committed to founders who are driven to solve real problems that affect people on a global scale.
Pugh & Tiller PR for ProNavigator
Joseph D’Souza is a passionate business builder with more than a decade of experience in founding and growing companies. As the founder and CEO of ProNavigator, he's using AI to help insurance professionals win in an on-demand world.