AgencyKPI, an Austin, Texas-based developer of a business intelligence platform, closed a $5m Series A funding round.
The round was led by EMC Insurance Companies of Des Moines, Iowa, with participation from insurance agency networks Keystone Insurers Group of Northumberland, Pennsylvania, and Austin-based Combined Agents of America.
The company will use the new funds to hire more software developers and data scientists to accelerate the development of its additional business intelligence platforms.
Started in 2017 by Trent Richmond and Bobby Billman, AgencyKPI provides a business intelligence platform designed to address and manage the abundance of data produced by multiple software programs and legacy systems across the insurance industry. Today, the Harmony platform handles $15.8 billion in written premium from more than 8,800 affiliated agencies.
In 2019, the company emerged from stealth mode with $3m in seed and strategic-round funding raised from insurance networks, carriers, independent agencies, and C-level executives in the insurance industry.