ProNavigator raises $5.6 million

ProNavigator announced that it has closed a $4.3 million financing round.

This latest round was co-led by new investor Luge Capital and existing investors GreenSky Capital and MaRS IAF, who were joined by iNovia Capital, BDC and CIBC Innovation Banking, and brings the company’s total amount raised to $7.8 million. The new capital will be used to hire key resources to power expanded operations in the U.S. and Canada, and to extend ProNavigator’s product line.

This announcement comes on the heels of significant momentum for ProNavigator. Founded in 2016, the company’s solutions have been implemented by HUB International, Wawanesa and TD Insurance.

ProNavigator’s platform pairs a proprietary, pre-trained natural language understanding (NLU) engine with a straightforward, conversational interface that allows users to ask questions and look up information across an entire library of digital resources. Because the platform learns from each user interaction and every document it analyzes, there is a powerful compounding effect that widens the competitive advantage both for the platform itself and for ProNavigator’s clients.

“We want to empower our broker partners to do what they do best – give great advice. By retrieving accurate answers, instantly, ProNavigator’s solution has been an important enabler of our 100 percent broker-distributed Canadian operating model, adding value for us and our broker partners. That’s why we recently increased our work with ProNavigator, and we look forward to seeing the benefits for us and our broker partners.” – Graham Haigh, VP of Business Development for Wawanesa Insurance.