NYC Insurtech Qumis Raises $4.3M
New York-based Qumis, an AI platform for commercial insurance, has raised $4.3 million in seed funding. The company trains its AI on legal and coverage expertise, rather than just claims history, to improve underwriter productivity and pricing accuracy. The funding round included participation from MTech Capital and American Family Ventures, bringing Qumis's total funding to $6.75 million.
- Qumis was co-founded by CEO Dan Schuleman, an attorney who previously served as Associate General Counsel at Kin Insurance, and CTO Shiv Sinha, who has a background in building technology platforms at Goldman Sachs and was the co-founder and CTO of logistics startup Newtrul. - The company's AI is specifically trained by attorneys on complex policy language, endorsements, and exclusions to replicate the legal reasoning of a coverage expert. Each output includes source-linked citations and reasoning chains to allow for verification by underwriters and claims professionals. - An early adopter of the Qumis platform, NFP, an Aon company, expanded its use from a single team to hundreds of users after a successful pilot. The platform is designed to be used by brokers for comparing quotes, by underwriters for analyzing policy towers, and by claims professionals for evaluating coverage positions. - Lead investor MTech Capital specializes in insurtech and has a portfolio that includes other AI-focused insurance startups like Akur8, Bold Penguin, and Corvus. The firm was founded in 2018 and invests primarily in North America and Europe. - American Family Ventures, another participant in the funding round, has been investing in the insurtech sector since 2010. Their broader portfolio includes companies focused on various aspects of insurance, as well as adjacent areas like enabling technologies and data analytics. - The funding is intended to expand the company's go-to-market team and enhance product capabilities as demand grows from brokers, carriers, and law firms. - The problem Qumis addresses is heightened by a talent shortage in the insurance industry, as experienced underwriters and claims attorneys near retirement. AI-driven tools are seen as a way to preserve and scale institutional knowledge for a younger workforce. - While headquartered in New York, Qumis was founded in Chicago in 2022. The broader NYC insurtech scene includes over 277 companies, with 161 having secured funding as of late 2025.
