CLARA Analytics, a leading provider of artificial intelligence (AI) technology for insurance claims optimization, today announced its $24 million Series C funding, bringing its total funding to $60 million. This round was led by new investor Spring Lake Equity Partners, with participation from existing investors including Aspen Capital Group, Oak HC/FT and QBE Ventures.

CLARA Analytics is the leading AI as a service (AIaaS) provider that improves casualty claims outcomes for insurance carriers, MGAs, reinsurers, and self-insured organizations. The company's product suite applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, legal demand packages, bills and other documents surrounding a claim. CLARA's predictive insight gives claim professionals augmented intelligence that helps them reduce claim costs and optimize outcomes for the carrier, customer and claimant. CLARA's customers include companies from the top 25 global insurance carriers to large third-party administrators and self-insured organizations.