28 February 2023, NEW YORK — The market-leading AI-powered claims guidance platform for disability, workers’ compensation, and property & casualty insurance, EvolutionIQ, has closed its Series B round, raising USD 7M at a valuation of more than USD 200M, the company reported today. The investment was led by Brewer Lane Ventures, with participation from all significant previous investors, including First Round Capital, FirstMark Capital, and Foundation Capital. Principal Financial Group®, a considerable insurance provider and current EvolutionIQ client, also participated.
Tomas Vykruta, CEO and co-founder of EvolutionIQ and a former technical leader for artificial intelligence at Google, stated that “we significantly extended our client base and tripled our contracted revenue in 2022.” “Every pilot we performed resulted in a production customer, and we are fast supplying additional software modules to our current customers. We restricted the amount offered to reduce dilution to our employee and investor stockholders because EvolutionIQ is now generating considerable recurring income and has less need for funding.”
With the investment announcement, EvolutionIQ’s valuation has now surpassed USD 200 million, representing a 42 percent growth in value from its March 2022 Series A, despite continued volatility in the technology sector and a value decline of 40+ percent for several SaaS providers. The money raised will be used to expand the business’s engineering, data science, product, and customer success teams and go global. By adding elite talent from companies like Amazon, Google, Bloomberg, Meta, and Palantir in 2022, the firm more than quadrupled the size of its AI team, which currently numbers more than 100 people.
According to Michael Saltzman, EvolutionIQ’s COO and co-founder, “EvolutionIQ’s influence on our industry has been profound: bringing down the cost of claims and time off work for hundreds of thousands of Americans affected by Disability or Workers Compensation related occurrences. Most of the top US Disability carriers have implemented at least one of our modules, and we’ve provided carriers, claimants, and employers with win-win results for all who want to reinstate healthy individuals in their active positions.”
The AI platform immediately aids in the recovery and return to work of more individuals, and it has already helped tens of thousands of wounded and ill people get their lives back on track. Carriers say that by utilizing EvolutionIQ, the number of sick or injured workers who return to work has increased by up to 35%. Compared to how insurers typically manage claims, which depends on a diary-based review cadence that too frequently causes examiners and adjusters to be either too early or too late to be most helpful on a claim, those refunds are also occurring on average 3.5 months sooner.
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