ClaimScore, a Pompton Lakes, NJ-based provider of AI-based, real-time claim validation software, raised $3.15M in Seed funding.
The round was led by ROC Venture Group.
The company intends to use the funds for continued growth and general operations, with a focus on expanding its offerings for law firms, in-house counsel, and claims administrators.
Founded in 2022 by President Donald Beshada, a 25-year class action litigator; CEO Bob Gallo, a serial entrepreneur and former financial advisor; and Bryan Heller, a founder and product owner for AI tech startups in both the consumer and B2B spaces, ClaimScore offers tested and validated AI and machine-learning-based anti-fraud software solutions for class action settlements. ClaimScore’s tech identifies fraud with accuracy and to date, has helped companies avoid $340 million in fraudulent payouts.
Commenting on the news, Bob Gallo said: “The legal industry faces a surge of fraudulent claims due to AI. ClaimScore’s advanced AI algorithm cuts through the noise, identifying fraud in real-time so legal teams can prioritize legitimate claims. We’re making claims processing, validation and fraud identification faster than humanly possible to speed up the legal process and to create unprecedented transparency for everyone. This funding round empowers us to bring ClaimScore’s benefits to the wider legal community.”
FinSMEs
18/04/2024