CLARA Analytics Raises USD 25 Million in Series B Round of Financing
The company's suite of AI-based software is used by some of the world's leading insurers, including Berkshire Hathaway Homestate Companies, EMC Insurance, Amerisure, and QBE Insurance
FREMONT, CA: Leading Artificial Intelligence provider company for the commercial insurance industry, CLARA Analytics, secured USD 25 million in a Series B financing round led by growth equity firm Aspen Capital Group with participation from Series A lead Oak HC/FT and additional investors. The new investment round takes the company's total raised capital to USD 36.5 million. Proceeds from the Series B investment round will be used by the company to extend its product suite, attract critical industry talent, and expand its global reach.
"We are reshaping the entire claims process by analyzing millions of data points and generating meaningful and actionable insights in a matter of seconds," says CLARA analytics CEO Gary Hagmueller. "With this funding, we're excited to expand our team and extend into new product areas and markets and to have Aspen Capital Group as a new investor on that journey." CLARA analytics uses a mixture of both structured and unstructured data to unlock relevant seeds of knowledge from medical notes, bills, and other documents and bring them into a cross-industry data lake to generate valuable predictions and additional insights for claims teams.
The company's suite of AI-based software is used by some of the world's leading insurers, including Berkshire Hathaway Homestate Companies, EMC Insurance, Amerisure, and QBE Insurance. Some of the software includes CLARA claims, CLARA providers, CLARA litigation, and its popular Medicare Set-Aside solution. CLARA has enjoyed rapid growth by saving insurers and employers millions of dollars in workers' compensation claims. A share of those claims starts routinely but rapidly increases in cost and severity due to unexpected medical and legal expenses.
"We see dozens of different ways CLARA's AI can be applied," says Steven Jones, Chairman and Managing Partner at Aspen Capital Group. "We are impressed with the depth of product functionality, deep customer relationships, and the demonstrable return on investment that CLARA's solutions deliver to customers in workers' compensation, and we believe CLARA is well-positioned to drive similar breakthroughs in other insurance lines of business." The additional investment comes at the right time as COVID-19-related disruptions have generated a rising interest in CLARA's approach. Insurers are looking for new tools and other data to navigate rapid changes in claims, litigation, and health care delivery.
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