Clara Analytics, a US-based insurance data software supplier backed by healthcare provider NewYork-Presbyterian, has completed a $25m series B round led by growth equity firm Aspen Capital Group.
The round also featured growth equity fund Oak HC/FT and undisclosed other investors. Oak HC/FT led a $11.5m series A round for Clara in January 2018, and NYP Ventures, NewYork-Presbyterian’s corporate venturing unit, named it as a portfolio company shortly afterwards.
Founded in 2016, Clara markets artificial intelligence-driven software products that help commercial insurers process claims and settle cases where there is higher risk of litigation from the client. It also has a product that matches doctors to health insurance claimants.
The company will use the series B proceeds to expand its product, customer support and sales teams, focusing on occupational compensation claims while also exploring moves into property and casualty insurance.