Aclaimant Raises $10M in Series A Financing

The provider of an insight-driven workflow platform for safety and risk management plans aggressive growth in partnerships and product development.

(Image source: Aclaimant homepage.)

Aclaimant (Chicago), an insight-driven workflow platform for safety and risk management, announced that it has raised $10 million in Series A funding led by Mercury Fund (Ann Arbor, Mich.). The new round brings the company’s total funds raised to approximately $13 million, with a seed round of $2.9 million secured in 2017. Additional investors for the Series A financing include Royal Street Ventures (Park City, Utah), EBSCO Capital (Birmingham, Ala.), KEC Ventures (New York), RRE Ventures (New York), and Aspen Capital Group (Naples, Fla.).

David Wald, CEO, Aclaimant.

Aclaimant was founded on the proposition that organizations can reduce their cost of risk while providing a safe environment for employees. Aclaimant aims to proactively uncover problems to fundamentally change the way organizations manage risk. The vendor says that by combining insurance industry experts with innovative technology solutions, it improves risk and claims management processes for all businesses. Aclaimant caters to multiple industries, including construction, manufacturing, staffing, real estate, and hospitality.

Aclaimant plans to use the funds raised to accelerate client acquisition and sales as well as marketing and partnership development. The company also plans to invest in product innovation and enhancements focused on data, compliance, and design. Aclaimant continues to add key talent across the risk management spectrum to grow and expand its in-house subject matter expertise.

“By creating a digital infrastructure and safety/risk management process controls for insureds, Aclaimant is creating an opportunity for real-time digital collaboration with insurance carriers and their policyholders,” comments David Wald, CEO, Aclaimant. “By creating open, transparent, and real-time opportunities to help mitigate risk, we can positively change the conversation between insurance companies and their insureds. Imagine if the conversation wasn’t about what to do with a claim or why my rates went up, but rather how you can collaborate with your insureds to help them become better risks and provide real-time feedback.”

Adrian Fortino, Managing Director, Mercury Fund.

“Our Series A funding allows us to continue to positively impact the risk management and insurance industries from the inside out,” Wald adds. “We believe our funding provides us the opportunity to continue to help all organizations across a handful of industries—construction, hospitality, staffing, real estate, etc.—become great risks, and create seamless, positive collaboration between insurance carriers, their agents, and insured. We strive to fundamentally change the way that businesses think about and address risk.”

Aclaimant’s senior management team, including co-founders Wald, Joel Friedman, and Michael Schultz, will continue to lead the company. They are joined by Adrian Fortino, Managing Director, Mercury Fund, and Laura Brady, Managing Director, Royal Street Ventures, as members of the Board of Directors.

Supporting the ‘Back to Work’ Dynamic post-COVID-19

“The future of the InsurTech and risk management industry has a lot to benefit from increased use of automated workflows and enhanced user experience,” Fortino comments. “We’re excited to partner with Aclaimant and help them capitalize on this incredible opportunity. In this time of COVID-19, we are now in uncharted territory for the enterprise. A complete risk management workflow platform like Aclaimant is critical for both the ‘back-to-work’ dynamic and the post COVID focus on corporate risk management and tracking.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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