EvolutionIQ, a New York-based most rapidly adopted Claims Guidance platform amongst insurance carriers, announced that it raised $21 million in Series A funding.
The round was led by Brewer Lane Ventures, with participation from all major seed investors, including FirstRound Capital, FirstMark Capital, and Foundation Capital, and new participation from Altai Ventures and Asymmetric Capital Partners.
Industry-leading strategic investors including Reliance Standard Life, New York Life Ventures, Guardian Life, and Sedgwick, a leading global risk, benefits, and integrated solutions company have also joined the round.
The funding will largely be used to expand the engineering, data science, product, and customer success teams who are responsible for the company's growth, including the development of new AI modules.
Company: EVOLUTIONIQ
Raised: $21.0M
Round: Series A
Funding Month: April 2022
Lead Investors: Brewer Lane Ventures
Additional Investors: FirstRound Capital, FirstMark Capital, Foundation Capital, Altai Ventures, Asymmetric Capital Partners, Reliance Standard Life, New York Life Ventures, Guardian Life, and Sedgwick
Company Website: https://evolutioniq.com/
Software Category: Claims Guidance Software
About the Company: EvolutionIQ is the leading provider of claims guidance software. Its software combines the predictive power of historical claims analysis with unstructured claimant data and third-party information to automatically identify high-opportunity claims. Claims executives choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process.
Source: https://www.prnewswire.com/news-releases/evolutioniq-raises-21m-series-a-to-deliver-ai-based-claims-guidance-across-the-industry-301523159.html