CLARA Analytics secures funding from Nationwide

CLARA Analytics, which offers a claims intelligence platform, has received an investment from Nationwide Ventures, the investment arm of Nationwide. CLARA has raised a total of $64 million, including its recently announced Series C.

Founded in 2016, CLARA’s product suite applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, bills and other documents surrounding a claim. Some of its clients include Berkshire Hathaway Homestate Companies, AmTrust, Amerisure, QBE, and Amazon.

“The Nationwide investment is a huge vote of confidence from a leading voice in the industry. We have more than doubled our annual recurring revenue in the past year as carriers recognize the value of AI in claims management. We expect our rapid growth to accelerate even further as AI becomes a mainstay in modern claims management organizations.” – Heather H. Wilson, CEO of CLARA Analytics.

“Since partnering together in 2022, Nationwide has seen the very substantial benefits that this technology can offer. We’re excited to expand this relationship and look forward to what’s to come between our two companies.” – George Williams, Chief Operating Officer of Commercial, E&S and Specialty at Nationwide.