Insurance technology startup Corgi has reportedly raised another round of funding, doubling its valuation within eight weeks. The round marks a third extension of its Series B round and comes as many startups are enjoying AI-fueled valuations. But even by those standards, Corgi stands out.

The company, which recently announced a $106 million Series B1 round at a $2.6 billion valuation, is now reportedly raising another round. Forbes sources suggest the new funding could be in the same neighborhood as the last one, but neither the company nor Forbes has confirmed the amount.

Corgi's rapid ascent can be partly attributed to its AI-powered insurance offerings and strong revenue growth. In just seven months since its Series A funding, Corgi claims to have hit a $40 million annualized revenue run rate, aiming for $450 million by year-end. It offers various types of liability insurance and has even branched into data room software and coffee shop operations.

However, the insurance industry's cash-intensive nature, especially through its Risk Retention Group (RRG) structure, poses significant risks. This structure means claims can deplete the group’s funds, potentially leading to financial losses for members or even bankruptcy in extreme cases.

Despite these challenges, Corgi's expansion into physical locations and persistent AI innovation might just be enough to keep tech investors coming back for more, even if it means working seven days a week according to founder-CEO Nico Laqua. Only time will tell whether this puppy is truly a millionaire or just another flash in the pan.