Santa Clara, CA – Clara Analytics, a provider of artificial intelligence (AI) technology for insurance claims optimization, today announced the closing of a $24 million Series C funding round led by new investor Spring Lake Equity Partners. Existing investors Aspen Capital Group, Oak HC/FT, and QBE Ventures also participated in the round.
The funding will be used to further enhance Clara Analytics’ AI capabilities, including generative AI, predictive modeling, and natural language processing capabilities. The company will also use the funds to expand its sales and marketing efforts and to grow its team.
“We are excited to partner with Spring Lake Equity Partners and our other investors to accelerate the development of our AI platform and bring it to more customers,” said Heather H. Wilson, CEO of Clara Analytics. “The demand for AI-powered solutions in the insurance industry is growing rapidly, and we are well-positioned to capitalize on this opportunity.”
Clara Analytics’ AI platform uses image recognition, natural language processing, and other AI-based techniques to move insights from medical notes, legal demand packages, bills, and other documents surrounding a claim. The platform’s predictive insights give professionals augmented intelligence that helps them reduce claim costs and optimize outcomes for the carrier, customer, and claimant.
The platform of AI-based software includes CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA Optics, and CLARA MSP Compliance.
Customers include companies from 25 global insurance carriers such as Berkshire Hathaway Homestate Companies, AmTrust, Amerisure, and QBE, to third-party administrators and self-insured organizations.
The insurance industry is increasingly adopting AI-powered solutions to improve claims processing and reduce costs. A recent report by Grand View Research estimates that the global insurance AI market size will reach $22.1 billion by 2028.
Deal Table for Clara Analytics
