CLARA Analytics raises $24 million
Claims intelligence platform CLARA Analytics announced its $24 million Series C funding, bringing its total funding to $60 million. The round was led by Spring Lake Equity Partners, with participation from existing investors including Aspen Capital Group, Oak HC/FT and QBE Ventures.
Founded in 2016, CLARA’s product suite applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, bills and other documents surrounding a claim. Some of its clients include Berkshire Hathaway Homestate Companies, AmTrust, Amerisure, QBE, and Amazon.
“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. 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.” – CLARA Analytics CEO Heather H. Wilson.
“The insurance industry is facing a perfect storm of forces that have been driving losses higher in recent years. 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.” – Jeff Williams, partner at Spring Lake Equity Partners.