CLARA Analytics, a provider of artificial intelligence (AI) technology for insurance claims optimisation, has completed a $24m Series C funding round.
The latest investment brings the firm’s total capital secured to $60m, and it now aims to enhance its platform’s AI capabilities, including generative AI, predictive modelling and natural language processing (NLP).
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.
CLARA Analytics CEO Heather H. Wilson, said: “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.”
The news further establishes CLARA’s leading position as the AI platform provider of choice for insurance carriers and self-insured organisations.
“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.”
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