Altai Ventures, an early-stage venture capital firm specializing in InsurTech, FinTech and enterprise software for financial services, has closed its Altai Ventures Fund II at $53 million, exceeding its $50 million target.

Bain Capital Ventures, Century Equity Partners, and LPs across property and casualty insurance, life insurance and retirement, insurance brokerage and commercial banking participated in the funding round.

“Financial institutions represent a multi-trillion dollar industry that is still at the early stages of technological transformation. Now that we’ve closed on this new fund, we’re looking forward to working with inspiring entrepreneurs and our strategic LPs to solve some of the biggest challenges in financial services,” said Oleg Ilichev, Founder and Managing Partner of Altai Ventures.

Westport, CT-based Altai’s investments are primarily focused on the North American market, with investments in the range of $200k – $500k for seed and $1 million to $3 million for Series A rounds. Altai has backed insured-focused companies such as EvolutionIQ, LULA and Newfront, among others.

Last year, Altai partnered with Accelerant, Bain Capital Ventures and Runyon Design in an $8 million seed round for Reserv, a third-party claims administrator using AI and automation technology to facilitate the claims process.