Co-led by Lightspeed Venture Partners and Brewer Lane Ventures, with participation from Afore Capital and Underscore Venture Capital, the funding will accelerate the development of Herald’s innovative API, which connects insurance brokers with carriers through AI-powered solutions.

Herald’s platform simplifies the often cumbersome and manual processes involved in commercial insurance by integrating its unified API directly into brokers’ existing systems. This allows brokers to quote and bind insurance policies in real-time, improving efficiency and reducing the administrative burden. The API integrates with systems like Agency Management Systems (AMS), Customer Relationship Management (CRM) tools, and custom-built platforms, streamlining broker workflows across the board.

Herald already works with 8 of the top 25 largest brokerages in the industry and collaborates with numerous service and technology partners to create innovative solutions for insurance distribution. Through partnerships with over 35 carrier companies, the platform provides access to more than 80 insurance products, spanning multiple lines of business such as Cyber Insurance, Professional Liability, General Liability, and Workers’ Compensation.

The Role of AI

Herald’s AI-powered tools help brokers handle the complex, high-volume transactions that characterize commercial insurance. By automating the extraction, transformation, and loading of data from different formats like PDFs and spreadsheets, the platform ensures consistency and accuracy, significantly speeding up insurance workflows. This minimizes the need for human input and reduces the inefficiencies caused by disconnected systems.

Building an Open Data Standard for Insurance

A key aspect of Herald’s mission is to establish a modern, open data standard for the insurance industry, which has long been bogged down by duplicative data entry and inconsistent standards. Herald’s platform eliminates these inefficiencies by creating a streamlined system that allows brokers to input more accurate data, helping carriers underwrite with greater precision. In doing so, Herald is setting a new benchmark for data interoperability in the insurance sector, paving the way for a more connected and efficient industry.

This $12 million investment will further position Herald at the forefront of insurance technology, driving innovation in the way brokers and carriers interact, and ultimately transforming how commercial insurance is managed in the digital age.

“Our API gives brokers the flexibility to work within their preferred workflows, whether it’s in a CRM or a custom-built platform,” said Matt Antoszyk, CEO of Herald. “This funding allows us to accelerate our mission of making broker-carrier connectivity more seamless, while expanding our capabilities to serve both sides of the market.”

Rohan Malhotra of Brewer Lane Ventures also commented, saying: “Herald’s work in building an open data standard is a crucial step toward streamlining the entire industry. By standardising data flows between brokers and carriers, Herald is making insurance processes faster, more efficient, and more accurate. We’re proud to co-lead this round and support this transformative vision.”

Yoni Cheifetz, Partner at Lightspeed Venture Partners, added: “Herald’s focus on AI and flexible connectivity solutions is exactly what the industry needs. Their technology ensures brokers can maintain their existing processes while benefiting from real-time data and faster, more accurate decisions, transforming the way carriers and brokers collaborate.”