After raising $35 million in Series A funding led by EQT, Singapore-based ZA Tech—a provider of next-generation insurance core system software as a service (SaaS)—rebranded as Peak3.
Peak 3 announced in a statement on Wednesday that it is now accelerating its expansion in the Europe, Middle East, and Africa (EMEA) region and investments in complementary data and artificial intelligence (AI) solutions following the successful completion of its $35 million Series A fundraising from EQT and Alpha JWC Ventures.
In order to expedite its expansion, Peak3 concluded its Series A funding round and added two new investors to its capital table: Alpha JWC Ventures, a preeminent venture capital firm in Southeast Asia, and EQT, a significant worldwide technology investor with a strong track record in Europe.
With the funding, Peak3 will expand its EMEA operations, forge new alliances with system integrators, and enhance its analytics and AI capabilities toward an intelligent core insurance solution.
Peak3 intends to achieve double-digit growth in its accounting rate of return (ARR) this year and is headed toward cash flow breakeven in the upcoming quarters.
In addition to their successful fundraising, Peak3 recently hit important benchmarks that supported their rebranding.
These revolutionary successes include the establishment of its first technology center in Europe, the launch of its first multi-country, multi-tenant core modernization in Europe, and the deployment of an integrated big data and customer data platform for scaling analytics and AI capabilities.
The rebranding takes place in tandem with the achievement of another significant milestone: over a billion insurance policies have been issued on Peak3’s systems, including the first policies to be issued to customers in North America and Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,
“Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation,” said Bill Song, Peak3 Group Chief Executive Officer and Co-Founder.
He also highlighted the opportunity for growth given the $7 trillion global insurance industry’s extraordinary backlog of tech investments.
Peak3 has created a cloud-native, modular insurance core and distribution system that combines extensive capabilities for life, health, and property and casualty (P&C) insurance. This system is unique in the market, which is dominated by fragmented legacy technology.
Since its establishment in 2018, Peak3 has grown to be a dependable technology partner for major international insurers operating in both traditional and digital markets, including AIA, Generali, Prudential, and Zurich.
