CLARA Analytics, a Santa Clara, CA-based provider of AI technology for insurance claims optimization, secured $24 million in a Series C funding round, bringing its total funding to $60 million.
SaaS Investors
The round was led by new investor Spring Lake Equity Partners, with participation from existing investors.
Founded in 2013, Spring Lake Equity Partners is a private equity firm based in Boston, Massachusetts. The firm seeks to invest equity capital in technology-oriented companies with a focus on technology sub-sectors such as software, digital media, mobile, data center infrastructure, healthcare technology, and financial services sectors.
CLARA Analytic Use of Funds
The company plans to use the investment to enhance its AI capabilities, including generative AI, predictive modeling, and natural language processing.
About CLARA Analytics
CLARA Analytics is an AI as a Service (AIaaS) provider that improves casualty claims outcomes for insurance carriers, MGAs, reinsurers, and self-insured organizations. The company’s product suite applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, legal demand packages, bills, and other documents surrounding a claim. CLARA’s predictive insight gives claim professionals augmented intelligence that helps them reduce claim costs and optimize outcomes for the carrier, customer and claimant. CLARA’s customers range from the top 25 global insurance carriers to large third-party administrators and self-insured organizations. Founded in 2017, CLARA Analytics is headquartered in California’s Silicon Valley.
CLARA's software is used by leading insurers and self-insured organizations, including Amazon for its corporate workers' compensation claims program.
Funding Details
Company: CLARA Analytics, Inc.
Raised: $24.0M
Round: Series C
Funding Month: September 2023
Lead Investors: Spring Lake Equity Partners
Additional Investors:
Company Website: https://claraanalytics.com/
Software Category: Claims Management Software
Source: https://www.businesswire.com/news/home/20230907639068/en/