The round was led by JAL Ventures Fund II, with the participation of existing investors that include KT Squared LLC and 2B Angels.
The funding will facilitate the expansion of operations in the US, UK, and international markets, as well as accelerate product innovation as the group looks to further engage with large, enterprise insurance firms.
The cloud-based platform claims to enable brokers, agents, and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle.
The group said it has already “gained significant traction” with more than 85 brokers, agents, and MGAs worldwide, including the US, UK, EMEA, and APAC.
“With Novidea, customers benefit from a cloud-based platform that makes it possible to work from any device, anywhere. This enables accelerated growth and profitability through enhanced sales and customer service, and improved operational efficiency.”