Total amount raised
$60.5 Millions
Latest funding date
02/01/2024
Location
CLARA Analytics has successfully raised funding from six investors, including Nationwide Ventures and Spring Lake Equity Partners, through a Venture - Series Unknown round closed on February 21, 2024. The company specializes in AI-driven claims management solutions, offering products like CLARAty.ai, CLARA Triage, and CLARA Litigation to optimize claims outcomes for the insurance industry.
Keep reading to explore the intricacies of CLARA Analytics' fundraising journey and the investors backing this innovative platform.
What Is CLARA Analytics?
CLARA Analytics, founded in 2017 by Jayant Lakshmikanthan, is based in Sunnyvale, California. The company operates within the analytics, artificial intelligence, FinTech, insurance, InsurTech, machine learning, and software industries.
With an employee count ranging from 11 to 50, CLARA Analytics specializes in AI-driven claims management solutions. Their platform, CLARAty.ai, helps insurance companies optimize claims outcomes by leveraging advanced AI techniques to analyze medical notes, bills, and other claim-related documents.
How Much Funding Has CLARA Analytics Raised?
- Series A
- Amount Raised: $11.5M
- Date: January 2018
- Lead Investors: Oak HC/FT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and enhance their AI-driven claims management solutions.
- Series A (Second Round)
- Amount Raised: Not disclosed
- Date: October 2017
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Series B
- Amount Raised: $25M
- Date: May 2020
- Lead Investors: Aspen Capital Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and accelerate AI adoption in claims management.
- Series C
- Amount Raised: $24M
- Date: September 2023
- Lead Investors: Spring Lake Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and enhance insurance claims optimization capabilities.
- Venture - Series Unknown
- Amount Raised: Not disclosed
- Date: February 2024
- Lead Investors: Nationwide Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and further integrate AI into claims management.
Total Amount Raised: $60.5M
Current Valuation: Not publicly disclosed
Key Investors
- Nationwide Ventures
- Details: Nationwide Ventures is the corporate venture capital arm of Nationwide Insurance Company of America, founded in 2016 and based in Columbus, Ohio. It manages a $350 million fund and invests in early-stage and late-stage companies.
- Investment Focus Areas: Insurance, financial services, innovative technologies.
- Notable Investments: CLARA Analytics, EVident Battery, Arlo.
- Spring Lake Equity Partners
- Details: Spring Lake Equity Partners is a private equity firm that focuses on growth-stage investments. The firm is known for its strategic investments in various sectors to support company growth.
- Investment Focus Areas: Growth-stage companies, technology, healthcare.
- Notable Investments: Not publicly disclosed.
- Aspen Capital Group
- Details: Aspen Capital Group is a private investment firm that provides capital to a wide range of industries. The firm is known for its flexible investment strategies.
- Investment Focus Areas: Various industries, flexible investment strategies.
- Notable Investments: Not publicly disclosed.
- Oak HC/FT
- Details: Oak HC/FT is a venture and growth equity firm that invests in healthcare and financial technology sectors. The firm is recognized for its strategic investments in innovative companies.
- Investment Focus Areas: Healthcare, financial technology, innovative companies.
- Notable Investments: Not publicly disclosed.
What's Next for CLARA Analytics?
CLARA Analytics stands at the cusp of significant growth, driven by the increasing adoption of AI in the insurance industry. With a robust AI platform, CLARAty.ai, the company is poised to expand its client base, which already includes major players like Amazon and Berkshire Hathaway. The doubling of their annual recurring revenue underscores the vast opportunities available, particularly as more insurers seek to optimize claims management through advanced AI techniques.
Future fundraising appears promising, given the rapid market demand and the substantial backing from Nationwide Ventures. This financial support will likely fuel further technological advancements and market expansion, positioning CLARA Analytics as a leader in AI-driven claims management. However, the company must navigate challenges such as competition from other insurtech firms and ensuring data privacy and security in their AI applications.
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