Irys Raises $12.5 Million In Seed Funding Led By Markd

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Irys raises $12.5 million in seed round, bringing total funding to approximately $16 million. The round was led by Markd, a venture capital firm focused on insurtech innovations. Other participants include Deepwork Capital, Florida Opportunity Fund, Ansay & Associates, HICO Ventures, and JMG Capital.

Irys Insurtech, founded in 2021 and headquartered in Tampa, Florida, develops an AI-native, integration-agnostic operating system for insurance agencies, brokers, and managing general agents (MGAs). The platform replaces outdated agency management systems (AMS) with modular tools that automate workflows, unify data, and enhance client relationships through features like CRM, analytics, accounting, task management, and document handling. Led by CEO Margeaux Giles, Irys emphasizes human-centric design, leveraging machine learning and generative AI to deliver real-time insights and reduce operational friction.

Funding Details

This seed round marks Irys’s second major raise, following a $3.5 million seed in August 2023. The new capital reflects strong investor confidence in Irys’s ability to address legacy system inefficiencies, which have long hindered growth and innovation in insurance distribution.

Use of Proceeds and Strategic Plans

Proceeds will support team expansion in engineering and customer success, scaling distribution partnerships across the U.S. and Canada, and launching new AI-driven modules for accounting, analytics, and submission management in early 2026. These investments aim to accelerate platform adoption and solidify Irys as a comprehensive “backbone” for insurance operations.

Investor Profiles

• Markd: Repeat investor; a VC firm specializing in insurtech, recently raised a $500 million fund for transformative platforms.
• Deepwork Capital: Focuses on early-stage tech in the Southeast U.S., with a portfolio in fintech and insurance.
• Florida Opportunity Fund: State-backed fund supporting Florida-based innovation, emphasizing local economic growth.
• Ansay & Associates: Insurance-focused investor with expertise in agency operations.
• HICO Ventures: Targets health and insurance tech, bringing sector-specific insights.
• JMG Capital: Provides growth capital to emerging insurtechs.

This syndicate combines insurtech specialists and regional players, signaling strategic alignment with Irys’s U.S.-centric expansion.

Irys Insurtech’s latest $12.5 million seed round, announced on October 13, 2025, represents a pivotal moment for the Tampa-based startup as it seeks to disrupt entrenched legacy systems in the insurance sector. Founded in 2021 by CEO Margeaux Giles, a seasoned insurance entrepreneur, Irys has positioned itself as a forward-thinking alternative to traditional agency management systems (AMS). These outdated platforms, often dating back decades, have been criticized for stifling innovation, complicating data unification, and impeding client-centric operations. Irys addresses these pain points through its AI-native operating system, which integrates CRM, analytics, accounting, task automation, and document management into a single, modular, open-API framework. By leveraging machine learning and generative AI, the platform delivers real-time insights to brokers and agents, fostering stronger client relationships and operational efficiency.

The funding round, led by Markd—the same firm that spearheaded Irys’s inaugural $3.5 million seed in August 2023—underscores continuity and escalating confidence from key backers. Markd, a venture capital outfit with a sharp focus on insurtech breakthroughs, recently closed a $500 million fund dedicated to platforms driving infrastructure-level change in insurance. This repeat investment highlights Irys’s progress in proving product-market fit, particularly in automating workflows and enabling seamless carrier integrations without disruptive overhauls. Joining Markd are a mix of strategic and regional investors: Deepwork Capital (early-stage tech in the Southeast), Florida Opportunity Fund (state-supported growth initiatives), Ansay & Associates (insurance agency expertise), HICO Ventures (health-insurance tech focus), and JMG Capital (insurtech growth capital). This diverse syndicate not only injects capital but also brings operational know-how, distribution networks, and regional leverage, especially in Florida’s burgeoning insurtech ecosystem.

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To contextualize the round’s scale, Irys’s total funding now stands at roughly $16 million across two seeds, a trajectory that reflects measured yet aggressive growth for a company with just over two years in operation. While valuation details remain undisclosed—a common practice in early-stage insurtech deals—this raise comes amid a notable uptick in sector investments. According to Gallagher Re, global insurtech funding surged 28% in the prior quarter, fueled by renewed appetite for AI-enabled solutions that promise tangible ROI, such as reduced fraud costs (up to 33% per McKinsey) and workflow automation yielding 328% average returns (Forrester). Irys’s timing capitalizes on this momentum, positioning it to capture share in a $100+ billion insurance software market dominated by incumbents like Applied Systems and Vertafore, whose monolithic systems often lock users into costly, inflexible setups.

Strategically, the proceeds are earmarked for high-impact areas: bolstering engineering and customer success teams to handle scaling demands; forging deeper distribution partnerships across North America; and rolling out advanced AI modules in early 2026 for enhanced accounting, predictive analytics, and streamlined submission processes. These enhancements build on Irys’s core strengths—its “human-centric” design that prioritizes relationship-building over rote data entry—while addressing enterprise needs like compliance, M&A integration, and error reduction. For instance, the platform’s immutable audit trails for commissions and subledgers could significantly mitigate errors and omissions (E&O) exposure, a perennial headache for agencies.

Looking at investor sentiment, quotes from the announcement reveal optimism about Irys’s holistic approach. Giles emphasized the team’s “unorthodox” ethos: “We’ve assembled a group of intelligent, motivated insurance entrepreneurs… not just shaking the tree; we’re uprooting it.” Markd’s Managing Partner Parker Beauchamp echoed this, noting legacy AMS as “the biggest drag on growth, profitability, innovation, and customer happiness,” while praising Irys as “the whole backbone” that unifies disparate functions. This narrative resonates in an industry where 22% of agencies exceeded growth targets last year (Oak Street Funding survey), yet many lag in AI adoption (only 6% prioritizing it for 2025). Irys’s awards— including Insurtech Woman CEO of the Year 2025 for Giles and multiple Global Insurtech Awards—further validate its traction, blending technical prowess with empathetic leadership.

From a broader market lens, this round signals a maturing insurtech landscape where investors favor “infrastructure plays” over flashy consumer apps. Competitors like Bold Penguin (acquired by Clearcover) and Ambine have raised larger sums but faced scalability hurdles; Irys differentiates through its agnostic integrations and focus on mid-market agencies/MGAs, potentially enabling faster adoption. Risks remain, including execution on new modules amid talent shortages and regulatory scrutiny on AI in insurance. However, with insurtech M&A and carrier expectations topping 2025 priorities, Irys is well-placed to ride the wave toward a more programmable, data-intelligent future.

In summary, this funding fortifies Irys’s runway for 18-24 months of growth, enabling it to evolve from challenger to essential infrastructure. As Giles puts it, Irys isn’t merely modernizing—it’s reimagining insurance as a dynamic, revenue-generating ecosystem.

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