Clara analytics, a Santa Clara, Calif.-based provider of artificial intelligence (AI) technology in the commercial insurance industry, closed $25m in Series B funding, bringing its total funding to $36.5m.
The round was led by Aspen Capital Group with participation from Oak HC/FT and additional investors.
The company will use the funds to extend its product suite, hire industry talent, and expand its global reach.
Led by CEO Gary Hagmueller, Clara analytics uses both structured and unstructured data to uncover relevant seeds of knowledge from medical notes, bills, and other documents and bring them into a cross-industry data lake to generate predictions and other insights for claims teams. Its suite of AI-based software, which includes CLARA claims, CLARA providers, CLARA litigation as well as its Medicare Set-Aside solution, is used by insurers, including Berkshire Hathaway Homestate Companies, EMC Insurance, Amerisure, and QBE Insurance.