EvolutionIQ, a New York-based platform that provides AI-powered claims guidance for disability, workers’ compensation, and property & casualty insurance, has successfully raised $7 million in Series B funding, valuing the company at over $200 million.
Brewer Lane Ventures led the funding round, with participation from major existing investors including First Round Capital, FirstMark Capital, and Foundation Capital, and new investor Principal Financial Group. This brings the total capital raised to $33.1 million.
The funds will be used to expand the company’s engineering, data science, product, and customer success teams, as well as to support international expansion. “We dramatically increased our customer base and tripled our contracted revenue in 2022,” said Tomas Vykruta, CEO and co-founder of EvolutionIQ. “Every pilot we completed turned into a production customer, and our existing customers are rapidly implementing new software modules from us. EvolutionIQ is now producing significant recurring revenue and has less need for financing, so we limited the amount raised to minimize dilution to our employee and investor shareholders.”
EvolutionIQ’s AI platform actively monitors every open insurance claim to guide frontline operators to those that require more attention, new actions, or complex decision-making. It uses next-generation machine learning and natural language processing to understand complex bodily injury and recovery and guides examiners and adjusters daily to the right actions on the right claims at the right time to maximize impact. The platform has already helped tens of thousands of sick and injured people get their lives back on track, with the number increasing every day. The AI-powered claims guidance platform is an entirely new category of software invented by EvolutionIQ.
