Clara Analytics Secures $24M in Series C Funding for AI-Driven Insurance Claims Optimization
Clara Analytics is an AI as a Service (AIaaS) provider that specializes in improving casualty claims outcomes.
Company Name: Clara Analytics
Location: Santa Clara, CA
Nature of Business: Provider of AI technology for insurance claims optimization
Funding Details: $24M in Series C funding
Lead and Participating Investors:
- Spring Lake Equity Partners (lead)
- Aspen Capital Group
- Oak HC/FT
- QBE Ventures
Purpose for Funds: Enhance the platform’s AI capabilities, including generative AI, predictive modeling, and natural language processing.
Background:
Product/Service: Clara Analytics is an AI as a Service (AIaaS) provider that specializes in improving casualty claims outcomes. The company's suite of products uses image recognition, natural language processing, and other AI techniques to extract insights from various documents related to a claim, such as medical notes, legal demand packages, and bills. This AI-driven insight provides professionals with augmented intelligence, enabling them to reduce claim costs and improve outcomes for all stakeholders involved in the claim process.
The platform encompasses several AI-based software tools: CLARA Triage, CLARA Treatment, CLARA Litigation, CLARA Optics, and CLARA MSP Compliance.
Company Leadership: The company is led by CEO Heather H. Wilson, under whose guidance Clara Analytics strives to deliver powerful AI solutions for the insurance industry.
Customers: Clara Analytics caters to a diverse clientele, including 25 global insurance carriers like Berkshire Hathaway Homestate Companies, AmTrust, Amerisure, and QBE. Their services are also utilized by third-party administrators and self-insured organizations.