QBE and State Farm Ventures back Lazarus AI

QBE Ventures and State Farm Ventures participated in $43 million in funding announced by Lazarus AI . The investment marks repeat backing from QBE, whose venture arm previously invested in the company in 2024.

Other investors include Mucker Capital, Motivate Ventures, Wave Function Ventures, Indelible Solutions, Joyance Partners, AllegisNL Capital, One Way Ventures, AngelList, Techstars and Plug and Play.

Founded in 2017, the Boston-based company develops AI tools for document processing, cybersecurity and legacy system modernization. Its software extracts information from documents, identifies vulnerabilities in source code and converts older software into modern code. Customers can run the platform on their own infrastructure or in their cloud while retaining control over data and model changes.

When it comes to insurance, the software can extract information from complex documents and link findings to their source pages. Lazarus partnered with Unqork to integrate AI-powered claims audits into insurance workflows, with the companies saying the system can review each claim in about two minutes and send exceptions to human reviewers. It also announced a service partnership with Nippon Life Group in 2023.

LinkedIn lists approximately 60 employees. On Glassdoor, the company has a 2.1 rating based on just two reviews, with former employees citing uncertainty and internal reshuffling.

Lazarus plans to use the funding to expand partnerships, invest in R&D and launch products.