Pace

About

Pace, based in the US, specializes in AI-driven operational solutions for the insurance sector, enhancing efficiency and automating processes through advanced technology.Pace was founded in 2024 in New York, US, focusing on AI solutions for the insurance industry. The company completed its first deal and raised USD 10 mn in Series A funding on January 27, 2026, led by Hong Shan. The company was established by a team of innovators dedicated to transforming operational processes in insurance, with no reported changes in business strategy or structure since its inception.Pace specializes in providing AI-driven operational solutions tailored for the insurance sector. Their core offering integrates seamlessly with existing back-office systems, enabling businesses to automate the collection, processing, and management of vast amounts of data efficiently. Key functionalities include the ability to read emails and documents at high speeds, apply specific business rules, and take necessary actions through web interfaces or APIs. By streamlining complex tasks related to policy servicing, endorsements, audits, and claims management, Pace enhances productivity and accelerates business processes. The primary clients served by Pace include insurance companies looking to modernize their operations, with a focus on major markets such as North America and Europe.Pace generates revenue through a performance-based pricing model, allowing clients to pay only for the results delivered by its AI solutions. Transactions typically occur through partnerships with insurance companies, where clients subscribe to Pace's services for operational support. The engagement structure is designed to be flexible, enabling businesses to scale their usage without incurring unnecessary overhead costs. While specific pricing plans are not disclosed, the company's flagship product leverages advanced AI capabilities to provide significant operational improvements, thereby enhancing the overall client experience in their insurance processes. In May 2026, Pace raised USD 46 million in series B funding co-led by Sequoia and Thrive Capital, with participation from Emergence Capital and PruVen Capital. The company will use the funding to expand its artificial intelligence platform across global insurance markets and increase the use of its agents to automate workflows.