Xceedance secures Portage investment, lifts funding to $100 mn for AI insurance push

Xceedance, the global insurtech and services firm, landed a fresh growth investment from Portage Capital Solutions, which focuses on fintech and financial services.

The deal gives Portage a minority equity position and pushes Xceedance’s total funding across equity and debt to about $100 mn.

The capital will accelerate development of its AI-driven platforms and support acquisitions of specialist providers in the insurance ecosystem.

Founder and CEO Arun Balakrishnan said the company scaled quickly on its own by reinvesting profits and tapping debt carefully, and that Portage’s entry adds both financial strength and strategic connections.

The partnership, he argued, brings access to Portage’s network across insurance, technology and finance, helping Xceedance move faster while staying aligned with its long-term goals.

This investment not only strengthens our capital base but also connects us to Portage’s exceptional ecosystem in the insurance, technology and broader financial services markets, unlocking meaningful synergies that will help accelerate our growth.

Arun Balakrishnan, Founder and CEO of Xceedance

“In Portage, we have found an investor aligned with our long-term vision, cultural values, and commitment to innovation,” Arun Balakrishnan said.

Built on deep knowledge of complex insurance systems, Xceedance has positioned itself as a key partner for insurers looking to modernize.

The company now supports more than 350 clients across 1,000 property and casualty workflows. It has also expanded into third-party administration through its platform and acquisitions, including Millenium Information Services and CIS Claim Services.

The company supports clients, including commercial, personal, and specialty lines re/insurers, mutuals, program administrators, brokers and agents, and Lloyd’s of London entities, to navigate market challenges and drive business growth.

Portage General Partner Dan Ballen described Xceedance as a best-in-class partner to insurers ranging from startups to established giants. With digital adoption accelerating across the industry, he said, the firm is poised to widen its role as both a technology leader and a trusted operations provider.

With the rapid adoption of digital solutions across the market, Xceedance is poised for continued growth and expanded opportunities as a recognized thought leader to its clients and partners.

Dan Ballen, General Partner & Co-Head of Portage Capital Solutions

Ballen added that Portage plans to back the company’s next phase of growth and support its “ambitious long-term vision.”

The investment underscores a trend: capital is increasingly flowing toward insurance players that can pair generative AI with domain expertise, giving carriers both efficiency gains and new ways to compete in a market under pressure.

For Xceedance, the bet is that this combination will keep its growth curve steep.

Xceedance delivers insurance-focused consulting, technology, operations support, and data solutions to many of the world’s largest P&C insurance organizations.

With 4,000+ team members across the Americas, EMEA, and APAC, Xceedance blends deep insurance domain expertise with AI and next-generation technologies to provide localized services and digital-first platforms.

In March 27, 2025, Xceedance has made an investment in Friendly, an AI company focused on underwriting, claims, and risk assessment in the life and health space, according to Beinsure.

Friendly’s platform turns medical and third-party data into structured insights for underwriters across life, disability, long-term care, critical illness, casualty, and reinsurance lines.

Founded in 2019, Friendly has raised $1.2 mn to date and has a team of 39 employees.

The two companies plan to collaborate on additional initiatives to expand Friendly’s platform and bring AI-powered tools to more reinsurers and primary carriers.