CLARA Analytics, a leading provider of artificial intelligence (AI) technology for insurance claims optimization, announced its $24 million Series C funding, bringing its total funding to $60 million. This round was led by new investor Spring Lake Equity Partners, with participation from existing investors including Aspen Capital Group, Oak HC/FT and QBE Ventures.
“Insurers are facing increased pressure to manage losses and expenses, and they have awakened to the value that AI can generate in claims management. We have witnessed this first-hand, having experienced significant growth in our customer base and more than doubling our annual recurring revenue. We have continued to increase our penetration of the workers’ comp industry while also expanding into auto liability and general liability,” said CLARA Analytics CEO Heather H. Wilson. “We’re excited to have Spring Lake Equity Partners as our new lead investor. We see this funding as a tremendous vote of confidence, especially in light of the very tight funding environment.”
The new round further establishes CLARA’s leading position as the AI platform provider of choice for insurance carriers and self-insured organizations. CLARA intends to use the investment to further enhance its platform’s leading AI capabilities, including generative AI, predictive modeling, and natural language processing capabilities.
“The insurance industry is facing a perfect storm of forces that have been driving losses higher in recent years,” said Jeff Williams, Partner at Spring Lake Equity Partners. “CLARA’s AI platform is the missing ingredient that empowers several of the world’s most innovative carriers and self-insured companies to rein in spiraling loss costs and deliver tremendous value to policyholders and shareholders. CLARA is poised to dominate this space because they are laser-focused on claims optimization and delivering a substantial return on investment for their customers.”
CLARA’s solutions identify relevant information embedded in medical notes, bills and legal demands, combining that information with a vast store of cross-industry data to yield valuable insights for claims teams and risk managers. CLARA’s platform of AI-based software includes CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA Optics and CLARA MSP Compliance. The company’s software is used by some of the world’s leading insurers, including Berkshire Hathaway Homestate Companies, AmTrust, Amerisure, and QBE, and self-insured organizations. Last month, Amazon announced that it selected CLARA as its technology partner for a new program aimed at improving health and claim outcomes for their corporate workers’ compensation claims.
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