How Much Did EvolutionIQ Raise? Funding & Key Investors

EvolutionIQ has successfully raised significant funding over multiple rounds, with its latest being a Series C round closed on August 14, 2024. The company was acquired by CCC Intelligent Solutions for $730 million in a cash and stock deal on December 20, 2024.

Keep reading to explore the intricacies of EvolutionIQ's fundraising journey and the investors backing this innovative platform.

What Is EvolutionIQ?

EvolutionIQ, founded in January 2019, is an AI company based in New York, New York. The company specializes in providing AI-driven claims guidance solutions for the insurance industry.

Founded by Jonathan Lewin, Michael Saltzman, and Tomas Vykruta, EvolutionIQ aims to transform claims management by simplifying complex data into actionable insights. Their platform helps insurance companies manage claims more efficiently, improving outcomes and reducing costs.

With a team of 101-250 employees, EvolutionIQ continues to innovate in the field of claims processing, offering solutions for group and individual disability, workers' compensation, and income protection.

How Much Funding Has EvolutionIQ Raised?

1. Seed Round
   • Amount Raised: $3.1M
   • Date: July 2019
   • Lead Investors: First Round Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To develop the initial version of their AI-driven claims guidance platform.
2. Seed Round
   • Amount Raised: $1K
   • Date: April 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To cover minor operational expenses.
3. Seed Round
   • Amount Raised: $1.9M
   • Date: May 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further develop and refine their AI technology.
4. Series A
   • Amount Raised: $21M
   • Date: April 2022
   • Lead Investors: Brewer Lane Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand their engineering and data science teams and support product development.
5. Series B
   • Amount Raised: $7M
   • Date: February 2023
   • Lead Investors: Brewer Lane Ventures
   • Valuation at Round: Greater than $200M
   • Motivation Behind the Round: To expand engineering, data science, product, and customer success teams, and support international expansion.
6. Venture Round
   • Amount Raised: $10.3M
   • Date: June 2023
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To accelerate market penetration and enhance product features.
7. Series C
   • Amount Raised: $20.2M
   • Date: August 2024
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and prepare for acquisition by CCC Intelligent Solutions.

EvolutionIQ has raised a total of $63.6M in funding. The current valuation is greater than $200M.

Key Investors

• Brewer Lane Ventures
  • Details: Brewer Lane Ventures is a venture capital firm that focuses on investing in innovative companies within the insurance and financial services sectors. They led the Series B funding round for EvolutionIQ.
  • Investment Focus Areas: Insurance, Financial Services, Fintech
  • Notable Investments: Not specified in the sources
• First Round Capital
  • Details: First Round Capital is an early-stage venture capital firm that invests in technology startups. They participated in multiple funding rounds for EvolutionIQ.
  • Investment Focus Areas: Technology Startups, Consumer Internet, Enterprise Software
  • Notable Investments: Uber, Square, Warby Parker
• FirstMark Capital
  • Details: FirstMark Capital is a venture capital firm that invests in early-stage technology companies. They have been an existing investor in EvolutionIQ.
  • Investment Focus Areas: Technology, Consumer Internet, Enterprise Software
  • Notable Investments: Pinterest, Shopify, Riot Games
• Foundation Capital
  • Details: Foundation Capital is a venture capital firm that focuses on early-stage investments in technology companies. They have participated in multiple funding rounds for EvolutionIQ.
  • Investment Focus Areas: Technology, Fintech, Clean Energy
  • Notable Investments: Netflix, LendingClub, Sunrun
• Principal Financial Group
  • Details: Principal Financial Group is a major insurance company and financial services provider. They are both an investor and a customer of EvolutionIQ.
  • Investment Focus Areas: Insurance, Investment Management, Retirement Services
  • Notable Investments: Primarily in financial services and insurance sectors

What's Next for EvolutionIQ?

EvolutionIQ stands at the cusp of significant growth opportunities, driven by the increasing adoption of AI-powered claims guidance in the insurance industry. With plans to expand internationally and enhance their engineering, data science, product, and customer success teams, the company is well-positioned to capitalize on the growing demand for efficient claims management solutions. Their AI platform, which has already led to a 35% increase in people returning to work, showcases the potential for widespread industry impact.

Despite their strong recurring revenue, EvolutionIQ may still seek future funding to support further expansion and innovation. However, the company faces challenges such as navigating the volatility in the technology sector and maintaining a competitive edge. Successfully managing rapid growth and scaling operations will be crucial as they continue to innovate and expand their market reach.

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