Claim Genius, an Iselin, N.J.-based world leader in instant vehicle damage assessment solutions using computer vision and artificial intelligence technology, closed a $5.5m Series A funding round.
Backers included Malaysia-based Financial Link and SIRI Info Solutions.
The company intends to use the funds to further scale its sales and development efforts and facilitate the launch of the new products for the auto claims market worldwide.
Led by Raj Pofale, founder and CEO, Claim Genius is a leader of AI-based claims solutions for the auto insurance industry. Using its patent-pending image analysis and predictive analytics tools, carriers can provide instant damage estimates and rapid processing of claims based on uploaded accident photos from its mobile app. With development centers in Nagpur & Hyderabad, Claim Genius is expanding its AI services globally, with multiple integration projects underway for top insurance carriers, third party loss adjusters, repair shop networks and auto leasing firms. At present Claim Genius’s AI solutions have been piloted by over 15 customers across the US, Canada, SE Asia, India and European Union.
The company recently launched Version 3.0 of its GeniusCLAIM web and mobile suite which includes many features that enhance its powerful claim assessment capabilities, including improved photo capture workflow, increased damage detection accuracy, and simplified customer onboarding and integration.