CLARA analytics, a provider of AI technology for the insurance industry, has raised $25m in Series B funding round led by Aspen Capital Group.
The funding round was also joined by Series A lead Oak HC/FT and additional investors.
The latest round brings the total funding raised by the company till now to $36.5m.
The company said that it intends to use the capital to expand its product suite, hire more people, and expand its reach globally.
Commenting on the deal, CLARA analytics CEO Gary Hagmueller said: “We are reshaping the entire claims process by analysing millions of data points and generating meaningful and actionable insights in a matter of seconds.
“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.”
CLARA analytics leverage structured as well as unstructured data to unearth relevant information from medical notes, bills, and other documents.
The company used this information to generate predictions and other insights for claims teams.
Its suite of AI-based software includes CLARA claims, CLARA providers, CLARA litigation and Medicare Set-Aside solution.
Its client base consists of some major insurers such as Berkshire Hathaway Homestate Companies, EMC Insurance, Amerisure, and QBE Insurance.
CLARA added that it will now invest in customer-facing sales and support teams and enhance ist expertise in workers compensation.
The company is planning to foray expanding into new lines of property and casualty insurance.