AI insurtech CLARA Analytics nabs $25m Series B funding led by Aspen Capital
CLARA Analytics, an artificial intelligence (AI) and data science company focused on the commercial insurance industry, has closed $25 million in Series B funding, led by growth equity firm Aspen Capital Group with participation from Oak HC/FT and additional investors.
CLARA will use the funds to extend its product suite, attract critical industry talent, and expand its global reach. The company has raised a total funding of $36.5 million.
The company said the new financing is "ideally rimes" as insurers are looking for new tools and additional data to navigate rapid changes in claims, litigation, and health care delivery amidst the COVID-19-related disruptions.
"We are reshaping the entire claims process by analyzing millions of data points and generating meaningful and actionable insights in a matter of seconds," said 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."
Steven Jones, chairman and managing partner at Aspen Capital Group, commented: "We see dozens of different ways CLARA's AI can be applied. 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."
