EvolutionIQ raises $21 million

EvolutionIQ has closed a $21 million Series A round, bringing its total funding to $26 million. The round was led by Brewer Lane Ventures, with participation from FirstRound Capital, FirstMark Capital, Foundation Capital, Altai Ventures, and Asymmetric Ventures. Strategic investors include Reliance Standard Life, New York Life Ventures, Guardian Life, and Sedgwick.

Founded in 2019, the NY-based startup (a team of ~45) offers a claims guidance platform to monitor every open claim to guide frontline operators to those that require more attention, new actions, or complex decision-making. According to EvolutionIQ, clients using its platform report increased claim capacity and lower claim costs. Those using the software for over a year saw loss ratio reductions of up to 3.3% and claim flow-through reductions of up to 45% directly attributable to EvolutionIQ.

“We’ve proven that deep learning, an advanced branch of machine learning, is the future of claim handling, and now we’ll be able to deliver even more to our carriers. Claims management is ripe for modernization. It’s the biggest operational issue plaguing carriers because it’s a huge human effort that can be greatly improved using data. Tens of thousands of claims are open at any given time and there is a significant opportunity to impact them now with the right information.” – Tomas Vykruta, CEO of EvolutionIQ and former Artificial Intelligence Technical Leader at Google.