Portage backs Xceedance

Xceedance has received a growth investment from Portage Capital Solutions in exchange for a minority equity stake, marking its first institutional financing since its founding in 2013. The Boston-based company, which provides AI-enabled business solutions for insurers, has now raised about $100 million in total equity and debt funding.

The capital will support the expansion of Xceedance’s technology platform, which powers over 1,000 P&C workflows across 350 global clients, and fund acquisitions of insurance-focused service providers.

Founded by Arun Balakrishnan, Xceedance has grown profitably through reinvestment and debt, recently strengthening its TPA capabilities through the acquisitions of Millenium Information Services and CIS Claim Services. Portage Ventures , an investor in fintech and insurance, said the partnership will help Xceedance scale its operations and accelerate innovation across the insurance value chain.