The travel protection platform Faye has successfully raised $50 million in a Series C funding round to accelerate its development and market expansion. These funds will be directed towards entering new markets, strengthening industry alliances, and enhancing automation capabilities for customer support and claims processing.
The funding round was led by Madrona. Other participants in the deal included BRM, Portage, F2 Venture Capital, Viola Ventures, and Lumir Ventures. With this latest investment, Faye's total raised capital since its inception in 2022 has reached $100 million.
Founded in 2022, Faye offers a globally integrated, artificial intelligence-based travel protection platform. This platform combines insurance, financial services, traveler support, and up-to-date travel information within a single mobile application.
The attracted investments will allow the company to scale its global operations and strengthen partnerships with online travel and mobility companies worldwide. Faye plans to actively invest in AI to efficiently automate underwriting processes, claims handling, and customer service. The company expects that this year AI will be able to automatically process over fifty percent of all claims, and seventy-five percent of the remaining claims will be resolved during the client's first interaction with AI support.
In addition to AI investments, Faye will continue to develop its fintech capabilities for travel. Further improvements are planned for Faye Wallet, which will allow travelers to quickly receive reimbursements and manage trip-related expenses through a digital wallet while abroad.
The company's mobile platform already allows customers to purchase travel protection in about a minute, submit digital claims within minutes, and receive approved payouts directly to their mobile wallets. Additional services include access to telemedicine, eSIM connectivity, airport lounge access, concierge assistance, and real-time travel updates.
Madrona Managing Director, Steve Singh, noted that Faye is helping to transform the travel experience by focusing on the needs of the travelers themselves, rather than traditional insurance products. He added that the company positions itself as a long-term leader in modern travel insurance.
Faye recently opened its new headquarters in Richmond, Virginia, in the United States. The company has been recognized as a 'TIME's Best Invention' and a 'U.S. News' leading provider of travel insurance. The company reported that revenue from digital travel insurance has doubled in the last year due to active adoption.
Its online marketplace has received over twenty industry awards since its launch several years ago. Investor interest followed the year of rapid business growth and increased customer numbers across various travel markets.
Faye continues to expand collaborations with travel agencies, distribution platforms, airlines, and cruise operators serving customers globally. These partnerships help simplify insurance management, claims processing, and customer service within the broader travel industry ecosystem.
To achieve long-term goals, AI will remain a central element of Faye's operations, covering not only insurance but also creating a holistic travel platform that integrates all aspects such as protection, finance, and traveler care. The funding will serve as a catalyst for product improvement, scaling the company's AI functionality, strengthening international development, and developing new and existing partnerships in the travel industry. Through all these initiatives aimed at automating consumer processes and accelerating claims processing, Faye will help its partners maintain satisfactory customer service and streamline operational processes through its system.
Convex has raised $57 million in a Series B funding round. These funds are planned to be used to scale the development of its backend platform, which is specifically designed for artificial intelligence. The financing was led by Insight Partners, with participation from Etna Labs and all previous investors, including a16z and Spark Capital.
Thanks to this Series B round, Convex's total raised capital has reached $110.5 million. The company stated that it intends to use this money to improve its core platform, enhance tools for agentic development, and increase its staff in its San Francisco office.
Founded in 2021 by former Dropbox infrastructure engineers, Convex offers developers a fully integrated backend platform. This platform combines databases, functions, workflows, search, synchronization, authentication, and file storage into a single solution built for software development.
The fundraising comes amid the trend towards AI-powered coding and autonomous development tools. Convex believes that developers need infrastructure capable of handling the increasing complexity of applications while maintaining a high level of reliability.
The company posits that traditional backend infrastructure struggles to support the growing use of AI coding agents. According to the company, AI-generated applications based on standard databases can subtly introduce data errors that only manifest after deployment.
Internal testing revealed that 90% of AI-built applications running on traditional databases encountered data corruption in real-world operating conditions. In comparison, applications developed on the Convex platform passed the same tests without any failures.
Convex's backend includes built-in ACID transactions, end-to-end type checking, real-time subscriptions, and TypeScript support. These features reduce the need for manual integration of multiple services for developers and increase application reliability. Furthermore, Convex packages search capabilities, workflow automation, authentication, file storage, and retrieval-augmented generation functions, allowing AI applications to be enriched with organization-specific knowledge.
The platform has gained significant traction among developers building AI-based software. Convex currently supports nearly two million applications created by about 500,000 developers worldwide. The company also reported over 1.2 million weekly downloads from npm.
Convex's clients include OpenAI, Tripadvisor, Solana, Zapier, and Reducto. These organizations use Convex to simplify backend development while ensuring scalable, reliable performance for their applications.
Insight Partners noted that the growing adoption of AI coding assistants has exposed weaknesses in traditional software infrastructure. The investment firm believes that Convex provides developers with a more robust foundation where backend components function cohesively without the need for complex configuration.
Convex plans to use the new funding to accelerate product innovations amidst the transformation of software engineering influenced by AI. The company will direct funds toward creating new tools that simplify application development for both developers and AI agents that build software.
The company will continue to provide highly reliable backend products supporting increasingly complex AI-based applications globally. Convex is convinced that stable backend infrastructure is becoming critically important as artificial intelligence generates large volumes of application code.
Instead of combining disparate components, Convex offers a single unified platform, which effectively reduces complexity and prevents software bugs. The raised funds will strengthen Convex's engineering team and significantly expand its global developer ecosystem and platform capabilities. With fresh capital and a growing customer base, Convex aims to solidify its position in the evolving AI development infrastructure market, making the creation of reliable software faster and easier for both human developers and AI agents.
Multiplier has successfully raised $35 million in a Series B funding round. These funds are intended to scale its artificial intelligence-powered professional services platform. The General Partnership led this round, with existing investors Ribbit Capital and Lightspeed Venture Partners also participating.
The acquired investments will be directed towards acquiring additional specialized firms that provide professional services. Furthermore, they will help the company grow its technological and operational teams in response to the increasing demand for AI-based business services.
Multiplier operates on a permanent holding company model. By acquiring existing enterprises, the company allows them to retain their names, management, and a significant degree of autonomy. Instead of replacing people with artificial intelligence, Multiplier creates AI-based products that enhance efficiency and the quality of customer service.
Founder and CEO Noah Pepper stated in a company blog post that AI should serve as a tool to empower working professionals, not replace them. He believes that AI tools allow specialists to dedicate more time to tasks requiring judgment by eliminating routine work.
Multiplier integrates its engineering teams directly into the acquired firms. The company has also hired over 30 technologists whose work, together with subject matter experts, leads to the creation of AI tools tailored to the needs of specific businesses. Since the companies using this technology are not exclusively owned by third-party software developers, Multiplier employees have access to client and supplier databases, which, according to the founders, means 'access to clients, products, and processes.'
The company's model is focused on industries where growth is limited by expertise. Many professional service firms rely heavily on experienced practitioners and manage information through disparate systems. Multiplier believes that AI can automate preparatory and routine tasks, leaving final decisions to qualified specialists.
Since its inception, the company has completed eight acquisitions, five of which were closed within the last year. It also has four other firms that have signed letters of intent. In total, the company's network serves clients in more than 10 countries.
The latest investment coincides with the appointment of a senior executive. This person will oversee finance, operations, partnerships, personnel, and the expanding San Francisco office. The company believes this approach ensures more effective scaling while preserving valuable client relationships and professional experience over time.
Allen Shim, former CFO of Slack, now holds the positions of President and Chief Financial Officer at Multiplier. The company plans to use the funds to effectively build a scalable technological base, team, and operational process architecture. Shim previously led the successful initial public offering of Slack before its acquisition by Salesforce.
According to The General Partnership, accounting and other professional services markets continue to face capacity constraints despite growing demand. The investment firm is convinced that Multiplier's approach allows trusted specialists to serve more clients without compromising service quality.
The new capital will primarily go towards additional acquisitions and further development of proprietary AI solutions. Multiplier intends to develop its specialized firms and improve its technological capabilities. The company's investment approach differs from traditional 'buy and build' strategies, where founders of acquired companies are completely replaced after the acquisitions. Instead, founders remain in leadership roles, receiving continuous support in the form of long-term capital and operational management.
Onyx Security has successfully closed a Series B funding round, raising $113 million. This round allowed the company to increase its valuation to $640 million, just four months after securing $35 million in a Series A round.
Bessemer Venture Partners led the investment round. Onyx Security also received support from companies such as Cyberstarts, TCV, Conviction, FirstMark, Vintage, QuantumLight, and G Squared.
Companies are increasingly implementing powerful autonomous agents to perform complex internal workflows. However, these tools often operate without clear boundaries or security safeguards. The new funding will help Onyx solve this problem for large enterprises.
Artificial intelligence is evolving from simple chatbots to fully autonomous agents. Employees gain direct access to critical systems, operational tasks, and confidential data through these AI agents. While such agents boost productivity, they create significant governance challenges as autonomous executors act without standard human oversight or accountability.
Onyx Security positions itself as a specialized governance layer for artificial intelligence. The startup uses proprietary security models to track every step of an AI agent's reasoning process. If an agent takes an unauthorized, unexpected, or malicious step, the system intervenes immediately.
This in-execution intervention allows security and IT teams to control agent behavior without hindering productivity. The platform integrates seamlessly with both internal custom tools and third-party commercial agents. Users can apply internal compliance rules, set strict operational parameters, and block risky behavior in real time.
Uros Solar, Head of Security Engineering at Revolut, noted that Onyx helps assess and stop threats during their execution. This capability gives security leaders confidence in deploying AI tools in critical software development and operations environments.
Demand for AI governance has driven Onyx's rapid growth. After exiting stealth mode, the company quadrupled its revenue in just four months. A key milestone was the partnership between Anthropic and Onyx in June to facilitate enterprise adoption of the company's models. Many other leading AI developers have also integrated their systems into the Onyx platform.
Today, Onyx is used by Fortune 500 companies across banking, technology, insurance, and energy sectors to secure AI. Bessemer Venture Partners initially recognized the importance of trust and accountability for successful AI adoption. With $113 million in new capital, Onyx plans to develop its patented machine learning models and expand its sales and engineering departments in North America and internationally.
