CLARA Analytics, a Santa Clara, CA-based provider of artificial intelligence (AI) technology for insurance claims optimization, received an investment.
SaaS Investors
The investment was from Nationwide Ventures, part of Nationwide's $350 million fund, bringing CLARA Analytics total funding to $64 million, including the recent Series C.
Founded in 2016, Nationwide Ventures is a corporate venture capital arm of Nationwide Insurance Company of America based in Columbus, Ohio. The firm prefers to invest in early-stage and late-stage companies. Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm, and life insurance; public and private sector retirement plans, annuities, and mutual funds; excess and surplus, specialty and surety; and pet, motorcycle, and boat insurance.
CLARA Analytics Use of Funds
The company will use the funds to support its growth and to fuel insurance claims optimization.
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 platform 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 include companies 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.
Funding Details
Company: CLARA Analytics, Inc.
Raised: Undisclosed
Round: Unknown
Funding Month: February 2024
Lead Investors: Nationwide Ventures
Additional Investors:
Company Website: https://claraanalytics.com/
Software Category: Insurance Claims
Source: https://www.businesswire.com/news/home/20240221342919/en/