Radian Capital-backed BriteCore appoints CEO
BriteCore, a provider of next-generation core platforms for P&C insurers, has appointed Ray Villeneuve as CEO and completed a USD20 million Series C financing.
The two strategic milestones move to further accelerate BriteCore’s growth and momentum as a leading provider of modern cloud-based core systems software for property and casualty (P&C) insurers.
Villeneuve has been leading tech companies for the past two decades. His executive experience includes launching and scaling up tech organisations in enterprise SaaS, machine learning, and artificial intelligence domains. These include Quartic.ai, Reflektion, Virtana (Virtual Instruments), Skytree, Riverbed, and NetApp. He has refined strategies, built successful teams, inspired innovations valued by enterprise customers, enhanced customer-facing operations, raised capital, and accelerated growth for companies throughout his career.
“Insurers are saddled with legacy technologies that block them from engaging with their customers, responding to market opportunities, and growing their businesses,” says Villeneuve. “The BriteCore team has built a lightweight and nimble cloud-based platform that is transforming how insurers operate, enabling them to reduce operating costs, achieve unprecedented growth, and minimise policyholder churn. BriteCore is positioned for growth and scaling in this market. As we continue to deliver value and ongoing modernisation to our customers, I’m excited about this great opportunity ahead of us and look forward to leading the BriteCore team.”
In tandem with Villeneuve joining BriteCore as CEO, the Company announced a USD20 million Series C financing, led by existing investor, Warburg Pincus, a leading global growth investor, with additional participation from existing investor Radian Capital. The financing enables BriteCore to continue investing in its next-generation platform and scaling customer-focused services.
Alex Stratoudakis, Managing Director at Warburg Pincus, says: “BriteCore’s modern, cloud-native platform sets it apart as a leader in the market segments it serves. We have great confidence in Ray and the BriteCore team in their continued success.”
Jordan Bettman, Managing Partner at Radian Capital, adds: “We have been a long-term investor in BriteCore and are excited about our continued partnership. The company’s highly-configurable platform for tech-focused carriers and MGAs comes at a time when the insurance industry is seeing accelerated adoption of modern software platforms.”