CLARA Analytics, a provider of artificial intelligence technology for insurance claims optimization, announced its $24 million Series C funding. This brings its total funding to $60 million.

The round was led by new investor Spring Lake Equity Partners, with participation from existing investors Aspen Capital Group, Oak HC/FT, and QBE Ventures.

“Insurers are facing increased pressure to manage losses and expenses, and they have awakened to the value that AI can generate in claims management,” said CLARA Analytics CEO Heather Wilson in a company press release. “We have witnessed this first-hand, having experienced significant growth in our customer base and more than doubling our annual recurring revenue. We have continued to increase our penetration of the workers’ comp industry while also expanding into auto liability and general liability.”

CLARA intends to use the investment to further enhance its platform’s AI capabilities, including generative AI, predictive modeling, and natural language processing capabilities. The company’s products aim to identify relevant information embedded in medical notes, bills, and legal demands, combining that information with a store of cross-industry data to yield insights for claims teams and risk managers.

Source: CLARA Analytics