In 2019, Tomas Vykruta, Michael Saltzman, and Jonathan Lewin recognized that artificial intelligence could unlock enormous value across some of the most overlooked functions in financial services.


What began as an exploration of fraud detection evolved into a much bigger insight: AI-native software could fundamentally reinvent insurance claims. Rather than simply automating workflows, it could guide adjusters through complex decisions, transform unstructured medical records into actionable intelligence, and meaningfully improve outcomes for carriers and claimants alike.


Having built a relationship with the founders from the Seed stage, Altai invested in EvolutionIQ's Series A. Altai's Senior Venture Partner subsequently joined the company as an advisor, helping accelerate commercial adoption and opening doors to some of the industry's largest insurance carriers.


Those efforts helped EvolutionIQ secure three major insurance carrier customers, compressing years of enterprise relationship building into months of focused execution. The company went on to raise more than $63 million in capital and was acquired for more than $730 million in 2024. It was one of the largest insurtech exits of the year and, at the time, the largest exit for a vertical AI company.