Japan’s Largest Life Insurer, Nissay, funds Lazarus AI via AllegisNL Capital

Business Wire

BOSTON--(BUSINESS WIRE)--
Lazarus AI has successfully secured participation from AllegisNL Capital into the convertible note financing. AllegisNL Capital is a venture capital fund supported by Nippon Life Group, investing in innovative companies at the intersection of technology and insurance or adjacent industries. AllegisNL Capital expects Lazarus AI's technology to further expand its reach into the Japanese insurance market where Nippon Life Insurance Company, Japan’s leading life insurance company, is headquartered.

Lazarus AI is renowned for its foundation AI models, which were developed with the rigor and precision required for the operations of the insurance, financial services, defense, and healthcare industries. The company’s solutions stand out for their ability to deliver accurate results without the need for prior training, an extremely low hallucination rate, robust on-premise deployment options, and advanced explainability logs that transparently showcase reasoning processes. These qualities ensure that Lazarus AI’s systems provide secure, reliable, and explainable AI-powered insights tailored to complex, regulated industries like insurance.

“We are confident that their innovative, turnkey solutions will bring transformation to the Japanese life insurance industry, which is characterized by complex and diverse operations," said Takashi Okazaki, Adviser of AllegisNL Capital and Managing Director of Nippon Life Global Investors Americas, Inc. "Given their ability to address a wide range of insurance operations, from sales to claims management, we believe they have great potential for growth in the Japanese market."

Ariel Elizarov, CEO of Lazarus AI, said, “We are honored to welcome AllegisNL Capital, supported by Nippon Life Group as an investor and strategic partner. This partnership validates the strength of our technology and mission. Together, we look forward to pioneering a new era of AI-powered insurance services, creating value for businesses and customers alike.”

Notably, Lazarus AI has been in a service partnership agreement with Nippon Life Group since 2023, marking the first such collaboration with a Japan-Headquartered financial institution.

About AllegisNL Capital

Supported by Nippon Life Group, AllegisNL Capital is part of the Allegis Capital family of venture capital funds based in Palo Alto, CA and invests in innovative companies at the intersection of technology and insurance or adjacent industries.

About Lazarus AI

Lazarus AI is a technology pioneer specializing in advanced AI solutions for regulated industries such as insurance, healthcare and banking. With its roots in early cancer detection, Lazarus AI delivers cutting-edge systems known for their exceptional accuracy, reliability, and security. Its flagship models, including RikAI and ATLS, are designed to empower organizations by transforming data into actionable insights. Lazarus AI remains at the forefront of innovation, driving meaningful change through ethical and explainable AI.