Clara Analytics secured $25 million in Series B funding backed by Aspen Capital Group

Clara Analytics, a Santa Clara based provider of Artificial Intelligence technology in the commercial insurance industry, has now secured $25 million in Series B funding round.

Clara Analytics is founded by Gary Hagmueller in the year 2015. It uses data to uncover relevant seeds of knowledge from bills, medical notes, and some other documents and bring them into a cross-industry data lake to generate predictions and some other insights for claims teams.

This latest funding round brings the total funding secured to $36.5 million to date.

Executive Opinion

CLARA analytics CEO Gary Hagmueller, said, "We are reshaping the entire claims process by analyzing 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."

Steven Jones, Chairman and Managing Partner at Aspen Capital Group, said, "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."

Clara Analytics' Latest Funding

The Aspen Capital Group led the latest funding round. Other funding round participants include Oak HC/FT and some additional investors.

CLARA’s cross-industry data lake and AI capabilities, it is possible to dig deeper into data and retrieve crucial insights. This helps in making calculated decisions faster in today's COVID-19 crisis situation.

The company, as of now, has plans to use the new funds to extend its product suite, increase global business outreach, and hire industry talent. Clara will also invest in customer-facing sales and support teams and expand into additional lines of property and casualty insurance, notes the announcement.