EvolutionIQ, a New York-based AI-powered claims guidance platform for disability, workers' compensation, and property & casualty insurance, announced that it successfully raised $7 million in Series B at a valuation of more than $200 million.
Brewer Lane Ventures led the round, with participation from all major existing investors including First Round Capital, FirstMark Capital, and Foundation Capital, and joined by Principal Financial Group. EvolutionIQ brings the total capital raised to $33.1 million.
The proceeds will be used to continue to expand the company's engineering, data science, product, and customer success teams and to expand internationally.
"We dramatically increased our customer base and tripled our contracted revenue in 2022," said Tomas Vykruta, CEO and co-founder of EvolutionIQ, and former Artificial Intelligence Technical Leader at Google. "Every pilot we completed turned into a production customer and our existing customers are rapidly implementing new software modules from us. EvolutionIQ is now producing significant recurring revenue and has less need for financing, so we limited the amount raised to minimize dilution to our employee and investor shareholders."
The AI platform directly helps more people recover and return to work – and has already led to tens of thousands of sick and injured people getting their lives back on track, with the number increasing every day.
AI-powered Claims Guidance is an entirely new category of software invented by EvolutionIQ that actively monitors every open insurance claim to guide frontline operators to those that require more attention, new actions, or complex decision-making.
It uses next-generation machine learning and natural language processing to understand complex bodily injury and recovery like a medical expert and guides examiners and adjusters daily to the right actions on the right claims at the right time to maximize impact.
Company: EvolutionIQ
Raised: $7.0M
Round: Series B
Funding Month: February 2023
Lead Investors: Brewer Lane Ventures
Additional Investors: First Round Capital, FirstMark Capital and Foundation Capital, and Principal Financial Group
Company Website: https://evolutioniq.com/
Software Category: Claims Guidance Software
About the Company: EvolutionIQ is a provider of claims guidance software. Using advanced, proprietary machine learning and natural language processing, the claims guidance platform actively monitors complex bodily injury claims. The system combines real-time predictive accuracy, clear guidance, and explainable AI to ensure adoption and business impact. Its mission is to improve the lives of injured and disabled workers and enable them to return to the workforce, saving billions of dollars in avoidable costs and lost productivity to the US and global economies.
Source: https://www.prnewswire.com/news-releases/insurance-ai-leader-evolutioniqs-funding-total-rises-to-33-1m-with-series-b-round-while-valuation-passes-200m-301757020.html