BriteCore raises $20 Million Series C and appoints Ray Villeneuve as CEO
BriteCore raises $20 Million Series C and appoints Ray Villeneuve as CEO
BriteCore, a leading provider of next-generation core platforms for P&C insurers, today announced the appointment of Ray Villeneuve as CEO and the completion of a $20 million Series C financing.
The two strategic milestones move to further accelerate BriteCore’s growth and momentum as a leading provider of modern cloud-based core systems software for property and casualty (P&C) insurers.
 

Ray Villeneuve has been leading tech companies for the past two decades. His executive experience includes launching and scaling up tech organizations in enterprise SaaS, machine learning, and artificial intelligence domains. These include Quartic.ai, Reflektion, Virtana (Virtual Instruments), Skytree, Riverbed, and NetApp. He has refined strategies, built successful teams, inspired innovations valued by enterprise customers, enhanced customer-facing operations, raised capital, and accelerated growth for companies throughout his career.

“Insurers are saddled with legacy technologies that block them from engaging with their customers, responding to market opportunities, and growing their businesses,” commented Ray Villeneuve. “The BriteCore team has built a lightweight and nimble cloud-based platform that is transforming how insurers operate, enabling them to reduce operating costs, achieve unprecedented growth, and minimize policyholder churn. BriteCore is positioned for growth and scaling in this market. As we continue to deliver value and ongoing modernization to our customers, I’m excited about this great opportunity ahead of us and look forward to leading the BriteCore team.”

In tandem with Ray joining BriteCore as CEO, the Company announced a $20 million Series C financing, led by existing investor, Warburg Pincus, a leading global growth investor, with additional participation from existing investor Radian Capital. The financing enables BriteCore to continue investing in its next-generation platform and scaling customer-focused services.

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Alex Stratoudakis, Managing Director at Warburg Pincus, commented, “BriteCore’s modern, cloud-native platform sets it apart as a leader in the market segments it serves. We have great confidence in Ray and the BriteCore team in their continued success.”

Jordan Bettman, Managing Partner at Radian Capital added, “We have been a long-term investor in BriteCore and are excited about our continued partnership. The company’s highly-configurable platform for tech-focused carriers and MGAs comes at a time when the insurance industry is seeing accelerated adoption of modern software platforms.”

The BriteCore community continues its steady growth. Over the past year BriteCore has signed 18 new logos. The company now supports over 80 insurance carriers and MGAs. Customers are in production in all fifty states and are using BriteCore in support of a wide array of insurance products that span personal lines (including personal auto), commercial lines, and specialty lines of business.

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