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March 3, 2023

EvolutionIQ’s Innovative Claims Guidance Software Solution Secured $33.1 Million in Series B Round

A promising AI-powered claims guidance platform about to change the lives of millions of sick and injured people

EvolutionIQ, a claims guidance platform based in New York that utilizes AI technology for disability, workers' compensation, and property and casualty insurance, has announced the completion of its Series B funding round, securing $7 million and a valuation of over $200 million. The Series B funding round was led by Brewer Lane Ventures, with significant contributions from all of its primary investors, including FirstMark Capital, First Round Capital, and Foundation Capital. The company plans to use the funding to expand its engineering, product, data science, and customer success teams and expand internationally.

EvolutionIQ is a claims guidance platform that employs sophisticated, proprietary machine learning and natural language processing technologies to monitor complex bodily injury claims in real-time. The platform utilizes explainable AI, predictive accuracy, and clear guidance to ensure effective adoption and business impact. It enables claims organizations to focus their efforts on claims that they can influence while providing more personalized service to claimants. The integration of decision intelligence into every stage of the claims-handling process allows insurers to enhance their profitability and control over intricate lines of business.

“EvolutionIQ's impact in our industry has been profound: driving down the cost of claims and time off work for hundreds of thousands of Americans impacted by Disability or Workers' Compensation related incidents," – comments the COO and co-founder of EvolutionIQ, Michael Saltzman. "A majority of major US Disability carriers have adopted at least one of our modules, and we've delivered win-win outcomes to carriers, claimants, and employers all looking to return healthy workers back to their active roles.”

Whilst the traditional process relies on a diary-based review that can result in examiners and adjusters being too early or too late to be most effective. EvolutionIQ's AI-powered claims guidance platform provides an effective solution to this issue. Carriers have reported up to a 35% increase in individuals returning to work using EvolutionIQ, and these returns occur on average 3.5 months earlier compared to the standard claims handling process. The platform has already assisted tens of thousands of individuals, with the number growing every day.

“I firmly believe we are a better organization as a result of working with EvolutionIQ," - outlines Kara Hoogensen, senior vice president of specialty benefits at Principal. "I still remember the excitement I felt from the claims leadership after the early results came in. Principal is looking forward to a deeper relationship with EvolutionIQ as we expand across our claims operation.”

EvolutionIQ has achieved over $200 million valuation after successfully raising $7 million in Series B funding, representing a 42 percent increase in value since its March 2022 Series A round. This growth is significant given the current volatility in the technology sector and the 40+ percent decrease in the value of many SaaS providers. In 2022, the company doubled its AI team by hiring top talent from major technology companies, such as Amazon, Meta, Bloomberg, Google, and Palantir, bringing its total number of employees to more than 100.

March 3, 2023
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