Reserv, a New York-based insurtech company specializing in AI-driven insurance claims processing, closed $20 million in Series A funding.
The round was co-led by Altai Ventures and Bain Capital Ventures (BCV), with participation from 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures, and Arch Capital Group.
Founded in 2021, Altai Ventures is a venture capital firm based in Weston, Connecticut. The firm with an exclusive focus on insuretech, fintech, and enterprise software as it relates to financial services.
Founded in 1984, Bain Capital Ventures is a venture capital investment firm based in San Francisco, California. The firm seeks to invest in fintech, application software, infrastructure, and commerce sectors.
Reserv Use of Funds
The funding will support Reserv's efforts to expand its generative AI claims data analysis tools and extend the benefits to additional customers.
Reserv is a digital-native TPA incubating next-generation automation technology and AI focused on bringing speed, advanced data science, and simplicity to the experience of consumers, insurance adjusters, and carriers. The company's AI-powered tools are designed to streamline the claims-handling process for managing general agents (MGAs) and insurance carriers. The platform leverages large language model (LLM) generative AI tools to provide real-time access to critical claims information, enhancing efficiency and accuracy in claims management. Reserv's technology enables automated workflows and provides data-driven insights to alert claims leaders and underwriters of anomalies immediately as they arise.
Company: Reserve, Inc.
Round: Series A
Funding Month: October 2023
Lead Investors: Altai Ventures and Bain Capital Ventures (BCV)
Additional Investors: 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures, and Arch Capital Group
Company Website: https://www.reserv.com/
Software Category: AI-driven Insurance Claims