Novella secures $21 million to grow AI-powered insurance brokerage for complex risks

The funding round was led by Brewer Lane Ventures, with support from investors including Box Group, Crystal Venture Partners, SV Angel, Avid Ventures, Verissimo Ventures, and Blank Ventures.

The new funding will help Novella improve its AI-based underwriting technology for handling complex insurance risks, hire more insurance brokers, and open regional sales offices across the United States.

“We believe pairing world-class human brokers with world-class AI is the formula for success,” said co-founder and CEO Max Kane. “Vertical AI that deeply understands the complexity of our industry turns brokers into super-producers, allowing them to spend 100% of their time building relationships and growing their business.”

Kane said the company is growing its presence across the United States by opening offices in Texas and Florida, and is also planning a new office in California. Novella is based in New York City and also has a research and development center in Tel Aviv. About half of the company’s 20 employees currently work in Israel, and the company plans to double its team there.

Founded in 2024 by Max Kane, Michael Tsibelman, and Alex Broome, Novella is focusing on the excess and surplus (E&S) insurance market which covers large and complicated risks that regular insurance companies usually avoid. These can include skyscrapers in areas affected by hurricanes, major infrastructure projects, and construction sites.

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