EvolutionIQ Raises $7M In Series B Funding At $200M+ Valuation
EvolutionIQ, the market-leading AI-powered Claims Guidance platform for Disability, Workers’ Compensation, and Property & Casualty insurance, today announced that it completed its Series B round, raising $7M at a greater than $200M valuation.
“We dramatically increased our customer base and tripled our contracted revenue in 2022,” said Tomas Vykruta, CEO and co-founder of EvolutionIQ, and former Artificial Intelligence Technical Leader at Google.
“Every pilot we completed turned into a production customer and our existing customers are rapidly implementing new software modules from us. EvolutionIQ is now producing significant recurring revenue and has less need for financing, so we limited the amount raised to minimize dilution to our employee and investor shareholders.”
The proceeds will be used to continue to expand the company’s engineering, data science, product, and customer success teams and to expand internationally. In 2022 the company more than doubled its AI team, hiring top talent from Amazon, Google, Bloomberg, Meta, and Palantir, and now has more than 100 employees.