Cloud-based insurance software company Javln has raised AUD$6 million (A$5.3 million) to expand into Australia.
The funding round was led by Microequities Asset Management and Alongside Crossing The Ditch, and will be used for R&D and entering new markets.
Founded in 2011 by New Zealand entrepreneur Dale Smith, Javln provides a cloud platform that simplifies the management of clients, policies, claims, and documents for brokers, financial and risk advisers, and underwriting agencies. The platform has over 11,000 users.
Javln CEO David Leach said the funding is an important step for the company’s growth, especially after a partnership with Envest, Australia’s largest privately-owned insurance and financial services distributor. It will help Javln strengthen its position as a leading innovator in the Australian insurance industry.
“This capital raise enables us to act decisively in a rapidly evolving market,” he said.
“With AI and new technologies transforming the insurance sector, the funds will help us provide innovative software products to our customers across ANZ and beyond.”
Microequities Asset Management CEO Carlos Gil said: “We were impressed by Javln’s technology which we think will markedly advance the digitisation journey currently taking place in the insurance broking industry. We see JAVLN’s technology as a key enabler for insurance brokers to ultimately provide better outcomes for their end clients.”
Javln has appointed Tim Mole as its new Head of AI & Data.
Tim has over 30 years of experience in management, analytics, and AI. He will lead efforts to integrate AI into Javln’s policy and document management products.
Read more- Liftwomen Raises $1.3 million to Expand into Asia
