Pibit.AI to utilise $7 million Series A funding to power R&D, build new risk models and global expansion

Pibit.AI plans to channel its latest $7 million Series A funding round into deeper research and development, the creation of new risk models, and its next phase of global expansion, Founder and CEO Akash Agarwal told CNBC-TV18.

The Bengaluru-based insurtech startup, which builds trusted AI systems for the global insurance industry, recently secured the funding from Stellaris Venture Partners, Y-Combinator and Arali Ventures to accelerate the scale-up of Cure — its flagship underwriting automation platform.

Agarwal said the company’s push into R&D and new risk models comes at a time when commercial insurance underwriting continues to struggle with inefficiencies. “In commercial insurance underwriting, it's completely broken. Underwriters don't have the right tools. The data are present in silos,” he said, adding that the workflow still involves extensive manual data entry that drags down operating margins for insurers.

He explained that the underwriting process for even a standard commercial policy involves reviewing hundreds of attachments, extracting data manually and chasing missing information. “There is a lot of documentation they need to manually review, scrape data from, and feed into their models. It takes weeks to process,” he said. This is where Cure, the company’s centralised underwriting risk environment, comes in — automating document intake, data extraction, risk analysis and decision-ready outputs.

The fresh capital will help Pibit.AI strengthen Cure’s core proposition of trusted AI, which Agarwal said is driving the strongest demand from insurers and managing general agents. “The most demand comes around the accuracy of the data, because this is very critical for insurance companies,” he said. Smaller carriers are adopting single modules such as automated data extraction or risk analysis, while larger ones are evaluating the full end-to-end platform.

Agarwal said Pibit.AI already works with companies across the commercial underwriting space, supported by its specialised agentic platform that performs automatic QC and corrections on underwriting data. “Whatever data we send back to the customer is highly accurate, and they can trust it and take decisions based on it,” he said.

With the new funding, the startup is also setting up deeper data partnerships and building risk models for emerging markets where risk frameworks are still underdeveloped. The team will expand across functions as Pibit.AI moves upmarket to serve larger global carriers.

While the US remains its biggest and most mature market, the company is preparing to widen its international presence. “Right now, we are super focused on the US market, but this problem exists globally. Europe is one of the next markets we will target. India is also growing in the commercial insurance space,” Agarwal said.

The company is targeting a 3x revenue growth trajectory for the coming year, in line with its current pace. “We are trying to grow 3x in terms of revenue every year… and that is what we are preparing for now,” he added.

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