Claim Genius, a world leader in instant vehicle damage assessment solutions using computer vision and artificial intelligence technology, announced the closing of its $5.5 million Series A funding round today, following its earlier $2.3 million seed round in 2018.
The latest round is backed by a diversified mix of strategic investors including Malaysia-based Financial Link, a pioneer of digital insurance automation services in Asia, and SIRI Info Solutions, a global technology solution provider based in Edison, New Jersey USA.
Claim Genius is rapidly expanding its AI services globally, with multiple integration projects underway for top insurance carriers, third party loss adjusters, repair shop networks and auto leasing firms. At present Claim Genius's AI solutions have been piloted by over 15 customers across the US, Canada, SE Asia, India and European Union. Claim Genius recently launched Version 3.0 of its GeniusCLAIM web and mobile suite which includes many features that enhance its powerful claim assessment capabilities, including improved photo capture workflow, increased damage detection accuracy, and simplified customer onboarding and integration.
GeniusCLAIM provides industry-leading functionality and performance in an easy-to-use package, allowing customers to quickly transform their claim operations to decrease cycle time, reduce loss adjustment expense, and increase profitability. The Series A funding will help Claim Genius to further scale its sales and development efforts and facilitate the launch of the new products for the auto claims market worldwide.
"We are thrilled to announce the closing of our Series A round and fantastic new partnerships with Financial Link and SIRI Info Solutions," said Raj Pofale, founder and CEO of Claim Genius. "The auto claims industry is in the midst of a global revolution, driven by advancements digital and mobile technology, artificial intelligence, and machine learning. Claim Genius is leading the charge of this transformation through our advanced product capabilities and growing list of technology and delivery partnerships across the entire claims ecosystem. Today's funding will further enable us to scale this vision and truly make touchless claims a reality for our customers worldwide," Raj added.
"Our strategic investment and partnership with Claim Genius is another example of Financial Link bringing innovative and creative solutions that improve the responsiveness, accuracy and efficiency of the claims management process," said Cheam Wooi Seong, CEO of Financial Link. Founded in 1994, Financial Link is a leading insurance technology provider for Malaysia and SE Asia providing digital insurance solutions to over 90% of the General Insurance Industry and major automotive distributors and franchisees. With Claim Genius, Financial Link will have the capability to provide a more complete suite to the insurance industry in South East Asia, from instant vehicle damage assessment to submission of claims to insurance companies and roadside assistance support services.
SIRI Info Solutions is a New Jersey-based technology services provider with a broad portfolio of staffing and support solutions for customers, including the insurance industry. "SIRI is proud to be a part of both rounds of funding for Claim Genius. We firmly believe that insurance industry will greatly benefit from the innovation and AI solutions that Claim Genius is driving across the industry," said Subba Arumilli, Founder & CEO of SIRI Info Solutions.
About Claim Genius
Based in Iselin, New Jersey, USA, with development centers in Nagpur & Hyderabad, Claim Genius, Inc is a rapidly emerging leader of AI-based claims solutions for the auto insurance industry. Using Claim Genius's patent-pending image analysis and predictive analytics tools, carriers can provide instant damage estimates and rapid processing of claims based on uploaded accident photos from our easy to use mobile app. Claim Genius aims to reduce claims processing time, increase carrier profitability, and revolutionize the claims experience for insurance customers worldwide. Claim Genius Makes Touchless Claims A Reality.
About Financial Link
Incorporated in 1994, Financial Link Sdn. Bhd. Is one of the leading system integrators and application service providers in Malaysia. Our breadth of innovative digital services and solutions have enabled us to build a broad customer portfolio that includes a wide array of private sector and governmental firms, including over 90% market share among general insurance companies, automotive distributors and franchisees, local banks, and numerous major telecommunication companies across Malaysia.
About SIRI Info Systems
Siri InfoSolutions is a private equity consortium providing IT staffing services to Fortune 500 clients across the US. Based in Edison, NJ and Hyderabad, India, we provide a variety of technology development and support services to a wide spectrum of global customers across verticals such as Banking, Financial Services, Healthcare, Human Resources, Telecom, Insurance, Hospitality, Retail & Distribution and Manufacturing.