Insurtech Qumis Raises $2.2M to Automate Policy Reviews With AI

Qumis, a lawyer-built AI-driven platform designed to transform insurance knowledge work, announced the close of an oversubscribed $2.2 million pre-seed funding round.

The round was led by Armory Square Ventures with participation from MTech Capital, Grand Ventures, Alumni Ventures, and BrokerTech Ventures. Strategic investors include Sean Harper, co-founder and CEO of insurtech unicorn Kin Insurance, and Tom Vander Schaaf, former General Partner at Edison Partners. Further, some of the round was funded by Qumis customers, reflecting the market’s confidence in the platform’s potential.

Chicago-based Qumis replaces outdated, manual processes like policy reviews and claims coverage analyses with intuitive AI-powered solutions.

Co-founder and CEO Dan Schuleman began his career as an insurance coverage attorney, experiencing firsthand the inefficiencies of manually analyzing complex property and casualty insurance policies. Co-founder and CTO Shiv Sinha, the former head of application development at Goldman Sachs, brings extensive experience in building and scaling fintech platforms, including leading the development of Marcus.

Qumis said it will use the new funding to scale its AI capabilities, accelerate product development, and expand its customer base.