Modernizing complex commercial claims handling with AI that supports adjusters

Elysian, the AI-native third-party administrator (TPA) for commercial insurance, today announced the closing of a $6 million seed round led by Portage, with participation from American Family Ventures and TenOneTen Ventures. The funding will accelerate Elysian’s go-to-market efforts, support customer onboarding, and scale the company’s delivery operations and technology platform.

Built to address the complexity of commercial claims, Elysian was founded by Grace Hanson, former lawyer and seasoned executive who previously served as Chief Claims Officer at Allied World, Homesite Insurance, Hiscox, and Hippo Insurance. Grace brings a rare combination of legal expertise and senior claims leadership to Elysian, shaping a product strategy focused on aligning modern tools with the realities of high-stakes claims environments.

“We built Elysian by rethinking claims handling from the ground up – designing a hybrid intelligence system where AI manages the ‘messy middle’ and adjusters can focus on the human parts,” said Grace Hanson, Founder and CEO of Elysian. “Our approach is shaped by firsthand industry insight and designed to raise the standard for modern claims services.”

The company delivers two core offerings, end-to-end claims handling and Dynamic Claim Review (DCR), supported by proprietary AI technology built to work alongside adjusters, not around them. For active claims, Elysian’s system surfaces coverage and liability insights and drafts tailored communications, allowing adjusters to focus on the decisions that matter. DCR brings expert-led analysis to entire claims portfolios, delivering faster, deeper reviews than traditional audits.

“Elysian is bringing purpose-built innovation to the core of commercial claims operations. Their platform provides adjusters with the tools to deliver better outcomes, and we’re excited to support the team in their next phase of growth,” said Ricky Lai, General Partner at Portage.

“Digital TPAs have long been the goal, but delivering this product wasn’t possible before modern AI,” said Minnie Ingersoll, Partner at TenOneTen. “Elysian stood out to us by tackling complexity from the outset and building systems that reflect how adjusters work.”

“We strongly believe the full category of claims administration will be transformed by modern software, predictive modeling, and generative AI. We are excited to support Elysian as they modernize one of the most challenging and highest value segments of commercial claims.” said Kyle Beatty, Managing Director at American Family Ventures.

Elysian’s platform is purpose-built to support the types of nuanced, context-rich claims that traditional TPAs and tech-enabled vendors typically sidestep. The company’s long-term vision is to deliver better outcomes for carriers and claims professionals by redesigning claims services with modern tools and experienced leadership at its core.

About Elysian

Elysian is the first AI-native TPA built for superior outcomes in commercial insurance. Elysian combines AI-orchestrated claims processing with elite adjusting talent to handle the most complex commercial claims with unprecedented efficiency and insight. We use multimodal AI-agent orchestration, purpose-built machine learning, statistical optimization and autonomous decisions systems to deliver precise insights to empower adjusters to make the right decisions. For more information, visit www.elysian.is

About Portage

Portage is a global investment platform focused on fintech and financial services with over US$4B under management, 65+ portfolio companies in 13 countries, and 20+ investment professionals across 4 countries.

Our team partners with ambitious companies across all stages, through Portage Ventures and Portage Capital Solutions. We provide flexible capital and deliver a global network of investors, commercial partners, advisors, and value creation experts. Our dedicated value creation team provides portfolio companies with hands-on support in go-to-market, tech & cyber, business acceleration and M&A, and partnerships to accelerate their paths to success. With deep industry knowledge and entrepreneurial experience, Portage is committed to supporting the leaders who are reshaping financial services.

Our Partnerships team focuses on long-term commercial collaboration opportunities and has generated 120+ partnerships between corporate financial institutions and portfolio companies. Portage operates in the United States, Canada and Europe. Portage is a platform within Sagard, a global multi-strategy alternative asset management firm with over US$32B under management.

For more information, visit www.portageinvest.com.

About American Family Ventures

American Family Ventures is a venture capital firm focused on insurance innovation. Founded in 2013, AFV invests in early-stage startups that are redefining the future of the insurance industry. AFV aims to help create category-leading companies through minority equity positions, active partnership and collaboration, an extensive Insurtech network, and a comprehensive platform of value-add programs. To learn more, visit https://www.amfamventures.com.

About TenOneTen Ventures

TenOneTen is a seed-stage fund built by and for technical founders. Our partners have built and sold companies for $1B+ exits and partner Gil Elbaz created Common Crawl, the foundational dataset that powers today's leading AI models. We have 40+ years combined experience investing in applications of computer vision, NLP, machine learning, and other technologies that solve critical problems in essential industries like logistics, manufacturing, healthcare, and real estate. To learn more, visit https://www.tenoneten.com.

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