Chicago-based Aclaimant has closed a $15m Series B equity and debt funding round led by Next Coast Ventures (NCV).
The round also involved Mercury Fund, Royal Street Ventures, KEC Ventures, Aspen Capital Group and former CEO of Ultimate Software Adam Rogers. Total funds raised by the business now come to over $20m.
The round will also see NCV partner Thomas Ball and Ryan Speciality CDO Kathy Burns join the Aclaimant board as director and independent director, respectively. In addition, Rogers will join the board as an observer.
Founded in 2013, Acclaimant is a safety and risk management-centric company that focuses on reducing the life cycle and escalation level of any type of business-related claim. The firm’s platform is based on resolution performance and risk management software and is powered by incident management technology.
According to Aclaimant, the investment will support the company’s next phase of growth. This will include a heightened focus on product innovation and hiring top talent.
Aclaimant CEO and co-founder David Wald said, “Since our founding, we’ve strongly believed that organizations can reduce their cost of risk while providing a safer environment for employees. With safety as a key priority for organizations in today’s landscape, this commitment is as strong as ever. We’re proud of the trust and respect we’ve earned in the industry, and we’re looking forward to bringing our innovative products to the mass market with the help of our investor partners.”
Company co-founder and CTO Joel Friedman added, “This funding round is significant because it will fuel the growth of our teams across the organization. I am most excited to continue to build out Aclaimant’s Data Science and Engineering teams. With more resources, we will be able to add and release more products within our offering that have greater AI and machine learning capabilities.”
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