ZA Tech Rebrands as Peak3, Raises US$35M Series A from EQT and Alpha JWC Ventures

SINGAPORE, June 19, 2024 /PRNewswire/ -- ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising by EQT and Alpha JWC Ventures, Peak3 now accelerates its global expansion and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to leading insurers such as AIA, Astra, Prudential, and Zurich for both digital and traditional insurance business. It has also partnered with leading digital platforms such as Grab, Home Credit, Klook, and OVO to build up and scale their embedded insurance business.

Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3's systems – including the first policies issued to North American customers and the first ones to be issued in Africa.

"We have evolved from an embedded insurance pioneer in Asia to a global end-to-end tech partner for the insurance industry," said Bill Song, Peak3 Group CEO and Co-Founder. "Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation."

To accelerate its growth journey, Peak3 completed its Series A fundraise and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC, a leading venture firm in Southeast Asia – with deep roots in Indonesia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships.

"Alpha JWC is thrilled to embark into the next phase of its digital journey with Peak3 in their pioneering efforts in the insurance industry. By empowering organizations with their seamless cloud-based core platform, Peak3 enables customers to seamlessly integrate insurance propositions, increase new product launch efficiencies, and unlock new revenue streams. Peak3's approach not only simplifies operations but also modernizes legacy systems, accelerating the journey towards a more connected and efficient ecosystem. Peak3's commitment marks a significant step towards the industry moving forward," says Jefrey Joe, General Partner at Alpha JWC Ventures.

Ian Lee, Peak3's CEO for Southeast Asia, reaffirms the vision: "As we transition to this new chapter as Peak3 and partner up with Alpha JWC, our commitment to delivering cutting-edge tech products and modern foundations to insurers in Indonesia and other parts of Southeast Asia remains steadfast. We will continue to empower insurers to drive innovation at scale, especially as they need to interface and navigate new real-world challenges in dynamic times – whether driving digital transformation, adopting AI, or extracting more value out of their existing business."

J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.

For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing at [email protected].

For more information on Peak3, please visit: www.peak3.com
For more information on EQT, please visit: www.eqtgroup.com
For more information on Alpha JWC Ventures, please visit: www.alphajwc.com