ProspX, a developer of collaboration and automation applications for the commercial insurance industry, today announced that it has secured $6.5 million in Series A funding. The funding round was led by Adams Capital Management and will be used by ProspX to expand development and marketing of its unique multi-party collaboration systems specifically designed to streamline processes for the commercial insurance industry.

“The commercial insurance industry is ripe for technology solutions that improve collaboration and the flow of business – especially because current offerings fail to address the multi-party nature of this important industry segment,” said Martin Neath, general partner, Adams Capital Management. “We look forward to working with the management team as ProspX brings to market technologies that will transform the business of commercial insurance.”

As a $500 billion a year market, the commercial insurance industry provides services for hundreds of thousands of customers worldwide. To improve the flow of business for these customers, ProspX has developed a collaborative online Software-as-a-Service (SaaS) application platform designed to help commercial insurance agents, brokers and carriers accelerate the selling process.

“Our goal is to improve many of the inefficiencies that exist in today’s commercial insurance industry,” said Todd Young, CEO of ProspX. “With the support of Adams Capital Management and our talented team, we can execute on our vision of enabling insurance entities to grow and profit from the opportunities automation can provide to this expanding market.”