Qumis, a Chicago-based attorney-trained AI platform for commercial insurance coverage intelligence, announced an oversubscribed seed round of $4.3 million led by MTech Capital. There was participation from all prior investors, as well as from new strategic investor American Family Ventures. Total funding reached $6.75 million.
Qumis says that while insurance companies are increasingly investing in artificial intelligence, most capital is flowing to workflow automation and document processing. Qumis is trying to do something different with attorney-trained AI that combines coverage expertise with market intelligence, giving every broker, underwriter, and claims professional capabilities that previously required both outside counsel and a data operations team.
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“The gold standard for coverage analysis has always been a skilled coverage attorney, but you can’t put one on every account,” said Dan Schuleman, Esq., co-founder and CEO of Qumis. “Qumis changes that. Our platform delivers coverage-expert-level analysis at scale, with the citations and reasoning to back it up. And because it’s AI-native, we can combine that expertise with the kind of market intelligence that large brokers typically need entire data operations teams to produce.”
Qumis is powered by a sophisticated coverage intelligence, which reads policies the way a seasoned attorney does — understanding how exclusions carve back coverage, how endorsements modify terms, and how definitions ripple across hundreds of pages of interrelated language.
The platform proprietary document processing (handling even the worst scanned manuscripts) with multi-stage legal reasoning trained on thousands of real-world coverage analyses. Each output includes source-linked citations, transparent reasoning chains, and confidence signals so that users can trust the answer and verify it when they need to.
Qumis says that by analyzing patterns across policies and markets, it surfaces insights that go beyond what any single attorney or analyst could see.
According to Qumis, the platform is used by insurance companies to analyze complex policy towers and identify coverage gaps, compare quotes, binders, and endorsements across markets with structured, side-by-side intelligence, support claims coverage positions with consistent, expert-quality reasoning, surface market trends and coverage patterns across their book of business, and centralize market trends and coverage patterns across their book of business.
“We backed Qumis early because brokers told us that once they started using it, they couldn’t imagine working without it — and would even pay for it themselves if their employer wouldn’t,” said Brian McLoughlin, Partner at MTech Capital. “In an industry facing social inflation, increasingly complex risks, and a talent crunch, Qumis was the right solution at the right time. The team’s traction with major brokers and specialty carriers made this an easy decision to lead.”
Qumis says it will use the capital to expand its go-to-market team and deepen product capabilities as demand grows from large brokers, carriers, and coverage-focused law firms.