Vancouver-based AI platform Quandri Technologies Inc. has raised US$12 million in venture funding, bringing the total amount of money the company has raised since inception in 2021 to US$20 million.
Quandri touts its products for helping insurance agencies automate repetitive tasks, increase broker productivity and drive higher customer retention rates.
Framework Venture Partners led the round, with investors FUSE and Defined Capital adding to their existing investments in the company.
Intact Ventures also invested as part of the round.
"Our investment in Quandri reflects our belief in its product, team, and the immense opportunity ahead as they build critical infrastructure for the modernization of broker workflows and insurance distribution," said Justin Smith-Lorenzetti, head of investments at Intact Ventures, which is Intact Financial Corp.'s venture capital arm and invests in early-stage companies.
The company said it would use the capital to more quickly get its products to market and to increase its engineering and AI investments. It plans to expand operations across Canada and the U.S.
Quandri did not reveal its revenue but said that since its previous funding round in 2023, the company has increased its revenue by 15 times and expanded its customer base to more than 100 agencies and brokerages across Canada and the U.S.
It has also expanded its employee count from 15 to 75.
Clients include Brokerlink, Western Financial Group, HomeServices Insurance Inc. and BlueRidge Risk Partners.
Bluesky.com/glenkorstrom.bsky.social
