Irys announced a $12.5 million seed round led by Markd, with backing from Deepwork Capital, Florida Opportunity Fund, Ansay & Associates, HICO Ventures, and JMG Capital. The Tampa-based company is building an AI-native insurance operating system designed to replace the outdated platforms that agencies and MGAs have relied on for decades.
The funding arrives shortly after Markd's own $500 million raise dedicated to backing transformative insurance technology companies. That timing reflects renewed investor appetite for infrastructure plays in the insurance sector, particularly those that address long-standing operational pain points.
Insurance distribution has been stuck on aging systems that weren't built for modern workflows. Most agencies cobble together third-party tools to patch gaps, leading to fragmented data, manual workarounds, and limited automation. Irys aims to solve this by offering a unified platform that handles CRM, accounting, analytics, task management, and document storage in one place.
"For 15 years I ran agencies on tech that didn't care if it was usable," said Margeaux Giles, CEO of Irys. "The industry's been trapped in contracts, broken platforms, and empty promises. It's eroded the trust agents fight to build every day with their clients. Irys is how we fix that."
The platform's AI-native architecture allows it to communicate across tools and coordinate between different AI systems. That means automation can scale without requiring agencies to hire more staff or migrate massive amounts of legacy data.
Irys will use the new capital to grow its engineering and customer success teams. The company is also accelerating partnerships with distribution networks across the U.S. and Canada, with plans to roll out new modules for accounting, analytics, and submission management in early 2026.
The platform already supports several major brokerages and MGAs managing close to $1 billion in active written premium. Irys is forming agency cohorts to test its implementation approach, which avoids the friction and downtime typically associated with system migrations.
"We've seen what simple automation can do," Giles said. "If basic AI can double a service rep's book from $200K to $500K — imagine what agentic AI can do for an organization that can actually implement it."
Irys positions itself as more than just an agency management system. Its decentralized backend and open APIs are designed to integrate with the rapid pace of AI innovation coming from companies like OpenAI and Google. The goal is to create an operational hub that evolves alongside new capabilities rather than lagging years behind.
"OpenAI and Google are rewriting what's possible every six weeks," Giles said. "Insurance can't afford to be a generation behind. Irys is the bridge between their innovation and our industry."
Parker Beauchamp, Managing Partner at Markd, emphasized that the market is ready for this shift. Insurance leaders are tired of stacking tools just to compensate for systems that weren't built for how business works today.
Founded and headquartered in Tampa, Florida, Irys was built by people who spent years working inside agencies. That experience shaped the platform's design philosophy: real-time data unification, integration flexibility, and workflows that don't require extensive training or IT support.
"The market has confirmed—insurance leaders are done stacking third-party tools just to work around outdated systems," said Beauchamp. "Irys isn't just a new AMS, it's the whole backbone. It runs CRM, analytics, accounting, tasks, and document management, all in one place. It's the infrastructure that works."
The company's approach reflects a broader trend in insurtech investment. According to Gallagher Re, global funding in the sector rose 28% last quarter, with capital flowing toward platforms that deliver structural improvements rather than incremental features.
Markd led the round, bringing deep insurance industry expertise and a portfolio focused on transformative infrastructure companies. Deepwork Capital, Florida Opportunity Fund, Ansay & Associates, HICO Ventures, and JMG Capital joined as participants, providing additional strategic support.
With this funding secured, Irys is preparing to scale operations and expand its reach within the insurance distribution market. The company plans to continue building out its AI capabilities while maintaining its focus on usability and seamless implementation for agencies of all sizes.
