Aclaimant announced on Monday it raised $10 million in Series A funds.
The Chicago insurance tech startup plans to invest the cash in developing new features, and growing its customer base. Ultimately, CEO David Wald said Aclaimant aims to digitize companies’ entire risk management processes.
“Every day it appears there are new companies tackling computer vision, AI, machine learning, drones, wearables, and IOT, along with innovative new ways to sell, price, and create insurance products,” Wald wrote in an email to Built In. “We’re just getting started.”
Founded in 2013, Aclaimant offers a risk management platform that construction companies, staffing agencies, hospitality groups and more can use to report on-the-job accidents. The company organizes these reports into a single platform that customers can use to inform their business decisions around safety protocols and risks.
With the new funding, the company plans to automate customers’ data entry points to make it more efficient, and build out its data systems’ capacity for offering insights. The 30-person company also plans to create new webinars and white papers, and hire developers, quality assurance, sales and marketing professionals.
Over the past three months, Wald said the role of risk management inside companies has “dramatically changed” since the COVID-19 pandemic “created a whole new category of risk for organizations to react to, and required a reaction quickly,” Wald said.
In May, the company launched its COVID-19 Return to Work product in just four weeks, he said, and now more than 100 companies use it for contact tracing, office screenings, operations monitoring and more. Companies are also using Aclaimant to organize work across their newly remote sites, he added.
“Risk management is now a critical part of the reopen and stay-open process, which has drastically changed their influence inside of their organizations,” Wald said.
The Series A round brings total investment in Aclaimant to $13 million. Mercury Fund led the round, with participation from Royal Street Ventures, EBSCO Capital, KEC Ventures, RRE Ventures and Aspen Capital Group.