Chicago-based StitchStudio, an insurance AI platform provider, has raised $8m in financing led by Voyager Capital, taking its total funding to $11m, according to Insurance Innovation Reporter.
Lookout Ventures and Grit Capital Partners participated in the round, with continued investment from ManchesterStory and BrokerTech Fund and investment from insurance industry veterans. The round type was not disclosed. The total includes an earlier $3m from ManchesterStory and BrokerTech Fund.
StitchStudio plans to use the funds to expand its product suite across employee benefits, life and annuity, and commercial property and casualty insurance. It will also grow its customer success team and scale self-service tools for customers and partners.
The company builds AI agents around insurance products, rules and documents, configured to each customer's procedures and data. The agents connect with existing systems through APIs and file exchange. Workflows include producer onboarding, quote comparison, eligibility, billing reconciliation and benefits quoting, and agent actions are described as explainable and auditable.
"Every carrier we talk to has a drawer full of AI pilots," said Karan Mishra, CEO of StitchStudio. "Getting a workflow into production takes unglamorous work. It must fit the systems and rules the company already runs, and someone in compliance must be able to sign off on it."
Customers include M3 Insurance, Heffernan Insurance Brokers, Fidelity Life, InstaBrain and Frank Winston Crum Insurance. According to the company, producer onboarding has been cut from more than 23 days to two, proposal turnaround from 90 minutes to 15, and more than 75% of RFP processing has been automated.
"We look for markets at an inflection point and founders who are uniquely suited to them," said Austin Guyette, Partner at Voyager Capital. "By targeting the high-volume, manual workflows that slow carriers and brokers down, StitchStudio delivers measurable ROI in weeks, not years. Its founders have spent their careers inside these operations, and every customer we spoke with was already lining up their next workflow."
