CLARA Analytics Raises $24m to Add AI Capabilities

In the US, insurance sector tech provider CLARA Analytics has raised $24m in a Series C round of funding, which it will use to enhance its platform's capabilities in areas including generative AI, predictive modeling and natural language processing.

CLARA's product suite applies image recognition, natural language processing and other AI-based techniques to unlock insights from medical notes, legal demand packages, bills and other documents surrounding an insurance claim. Clients add historical claims data to the company's database; the firm's AI models then look at new data coming in to prevent loss cost escalation; and claims teams receive daily alerts relating to which claims they should focus on.

The latest funding round has been led by new investor Spring Lake Equity Partners, with participation from existing investors including Aspen Capital Group, Oak HC/FT and QBE Ventures, bringing the total raised to date to $60m. CLARA's CEO Heather Wilson (pictured) comments: 'We're excited to have Spring Lake Equity Partners as our new lead investor. We see this funding as a tremendous vote of confidence, especially in light of the very tight funding environment'.

Web site: www.claraanalytics.com .