Comulate, a startup that provides technology solutions for the insurance industry, has announced a $20 million Series B funding round to further develop its tools and scale its operations. The round, co-led by Bond and strategic backer Workday, comes on the heels of a remarkable year for the company, which tripled its revenues in 2024.

The funding will enable Comulate to expand its tech stack to cover more functions and support its growing customer base. The company's tools are designed to help insurance companies manage billing and revenue operations more efficiently, addressing a critical area that has been largely overlooked in terms of technology adoption.

Comulate's founders, Jordan Katz and Michael Mattheakis, initially set out to build tools for the SaaS industry but shifted their focus to insurance after realizing that the industry was underserved in terms of technology. This strategic move has paid off, with the company experiencing rapid growth and attracting significant investment.

The insurance industry is one of the many sectors that have been slow to adopt new technology, particularly vertical-specific solutions. As a result, many insurance companies rely on generic enterprise tools or manual processes that are error-prone and time-consuming. Comulate's narrow focus on billing and revenue management has resonated with investors, including Workday, which has a broad platform approach.

According to Jay Simons, general partner at Bond, Comulate is targeting a "sleepy but critical" area in enterprise IT, where a process is often ignored until it becomes critical and breaks under pressure. This presents a significant opportunity for Comulate to make a meaningful impact in the industry.

Comulate's customers include prominent brokers such as the Baldwin Group, IMA Financial, Risk Strategies, and The Hilb Group. The company's technology leverages machine learning and AI tooling to speed up processes and improve analytics, resulting in significant time savings for its customers – over 260,000 hours to date.

The funding round and Comulate's growth trajectory underscore the importance of technology in the insurance industry, particularly in the wake of catastrophic events like the Los Angeles fires, which have highlighted the critical role of insurance companies in the rebuilding process. As the industry continues to evolve, startups like Comulate are well-positioned to drive innovation and improvement.

In conclusion, Comulate's $20 million Series B funding round marks a significant milestone in the company's journey to revolutionize the insurance industry's billing and revenue operations. With its focus on technology and customer needs, Comulate is poised to make a lasting impact in the industry and drive growth in the years to come.