Pace raises $46M Series B to build the next century of insurance
What's the deal? Pace, an AI operations startup that builds autonomous agents for insurers, has raised $46 million in a Series B co-led by Thrive Capital and Sequoia Capital, with Emergence CapitalDealroom has a profile for this one. Try Dealroom → and Pruven CapitalDealroom has a profile for this one. Try Dealroom → also participating. The company will use the funds to scale its agentic workforce to tens of millions of operations tasks this year across the US, Europe, and beyond.
Pace's AI agents navigate internal apps, reason across documents, and make phone calls to automate back-office tasks like submission intake, policy servicing, claims handling, and data entry. Since launching last year, it has autonomously completed more than 250,000 critical insurance workflows.
Its customers include PrudentialDealroom has a profile for this one. Try Dealroom →, WTWDealroom has a profile for this one. Try Dealroom →, The Mutual Group, Newfront, and Convex US.
Why now? The insurance industry sits on a $9 trillion protection gap — the difference between insured and uninsured risk worldwide. Pace argues that closing that gap requires AI-native operations, and that the current generation of large language models has made that possible.
"We are in this really special moment where the most important high-value parts of the knowledge economy are being augmented and automated to a significant degree by these models," said Philip Clark, partner at Thrive Capital.
Early results back the thesis. At Prudential, Pace automates thousands of hours of manual work across policy servicing and issuance. In partnership with Ryze Claim Solutions, it resolves claim cycle times 30% faster. At Convex US, AI agents speed up data ingestion for new business and renewals.
What could go wrong? Insurance is a heavily regulated, document-intensive industry where errors carry real financial and legal consequences. Handing mission-critical workflows to AI agents — especially ones that make phone calls and act across systems — raises questions about accuracy, compliance, and liability. Scaling from 250,000 tasks to tens of millions in a single year will test both the technology and client trust.
The signal: Pace's rapid leap from launch to a $46 million Series B underscores how quickly vertical AI agents are attracting top-tier capital — Thrive Capital and Sequoia co-leading signals high conviction that insurance back-offices represent a durable, defensible automation opportunity. With the company already at "breakout" growth stage and marquee clients like Prudential and WTW on board, the bet is that purpose-built agentic workflows can unlock value in a sector where horizontal SaaS tools have historically struggled to penetrate deeply.
Read more: benzinga.com
