Cloud-based insurance software-as-a-service provider JAVLN has secured a capital investment of AU$6 million to support its expansion across Australia, research and development, and entry into new markets.
According to Australian Fintech, JAVLN Chief Executive David Leach said the funding would allow the company to move quickly in a changing sector.
“This capital raise enables us to act decisively in a rapidly evolving market. With AI and new technologies transforming the insurance sector, the funds will help us provide innovative software products to our customers across ANZ and beyond.”
JAVLN currently has more than 11,000 contracted users.
The funding will also support initiatives such as its partnership with Envest, Australia’s largest privately owned insurance and financial services distribution group.
The company has recently strengthened its focus on AI with the appointment of Tim Mole as head of AI and data.
Mole, who has more than 30 years’ experience in management, analytics, and AI leadership, will lead the integration of AI across JAVLN’s policy and document management products.
JAVLN said the capital raise represents an important stage in its development, providing the resources to scale its technology and expand its offering within the Australian insurance industry.
Featured image credit: Edited by Fintech News Australia, based on image by timothyroesdiah via Freepik
