Mohammad Ahmed

Belfry Software, a New York-based company specializing in integrated platforms for managing security guard operations, has announced the successful completion of a $12 million Series A funding round. The round was led by Base10 Partners, with continued support from existing investors Bienville Capital and Aglaé Ventures.

In a statement regarding the funding, CEO Jordan Wallach emphasized the company's commitment to simplifying complex processes for security businesses through intuitive tools and outstanding support. He noted that the investment would allow Belfry to deliver even more value to customers and expand its impact across the industry.

Caroline Broder, Partner at Base10 Partners, expressed enthusiasm for supporting Belfry's mission. She highlighted the security market's specific workforce and staffing-related workflow needs, which are often underserved by existing solutions. Broder stated that Belfry's dynamic scheduling, integrated payroll, and all-in-one product offering would help security businesses improve operations and invest in their growth.

Belfry's platform offers several key features designed to address common challenges faced by security companies:

Streamlined Back-Office Operations: The platform includes an embedded payroll system that transforms timesheets into payroll in just a few clicks, saving valuable administrative time.

Optimized Labor Costs: Smart scheduling tools match the right officer to each post, reducing overtime and improving workforce efficiency.

Enhanced Client Accountability: Real-time dashboards and tracking tools provide full visibility into operations, allowing security providers to demonstrate accountability to their clients.

The infusion of capital from the Series A funding round is expected to accelerate product innovation and enhance customer experiences to meet rising market demand. Belfry plans to leverage this investment to further develop its platform and expand its reach within the security services industry.

This funding milestone follows Belfry's previous partnership with Sunlake Capital, announced in February 2021, which aimed to leverage Sunlake's industry expertise to help Belfry accelerate expansion and provide a best-in-class software platform to its clients.

Qumis, a company specializing in artificial intelligence solutions for the insurance industry, has announced the successful completion of its pre-seed funding round, raising $2.2 million. The funding round, which aims to support the company’s mission to modernize and streamline insurance knowledge work, marks a significant milestone in its development.

The round was backed by a group of prominent investors, including InsurTech-focused venture firms and angel investors with deep expertise in artificial intelligence and enterprise software. This infusion of capital will enable Qumis to further develop its cutting-edge AI platform and expand its team to meet the growing demands of the insurance industry.

Qumis’ AI-powered platform is designed to address longstanding inefficiencies in the insurance sector. The company’s tools include advanced policy comparison, claim coverage analysis, and precedent search capabilities, which aim to reduce the complexity and time associated with analyzing intricate insurance policies. By providing these features, Qumis seeks to empower claims teams, brokers, attorneys, and risk professionals to work more efficiently and make data-driven decisions with greater confidence.

The funding will be directed toward product development, including the enhancement of existing AI capabilities and the introduction of new features to meet evolving industry needs. Additionally, Qumis plans to allocate resources to expand its engineering and customer success teams, ensuring robust support for its growing customer base.

In a statement provided in the press release, the company’s leadership emphasized the transformative potential of its platform. “The insurance industry has long struggled with the complexity of policy analysis and compliance,” a Qumis representative stated. “Our AI technology is designed to bring clarity and efficiency to these processes, enabling professionals to focus on high-value tasks rather than manual data review.”

The press release also highlighted the investors’ confidence in Qumis’ vision and leadership team. An investor was quoted as saying, “Qumis is uniquely positioned to address a critical pain point in the insurance industry. We are excited to support their journey as they bring transformative solutions to market.”

The global insurance industry has increasingly turned to technology to address challenges such as rising operational costs and growing regulatory complexity. Qumis’ AI solutions are positioned to help organizations navigate these challenges by improving accuracy, reducing risk, and enhancing operational efficiency.