Participated · Series A · Apr 2022

EvolutionIQ’s core product is an AI-powered Claims Guidance system that actively monitors open insurance claims and directs frontline operators to cases needing attention, new actions, or complex decision-making. The guidance aims to help claims handlers make more accurate decisions, improve claimant experience, shorten claim durations, and reduce claim losses and expenses. EvolutionIQ’s solution is being integrated with Guidewire ClaimCenter to provide a unified workflow and streamline data transmission between systems. The company has entered a strategic partnership with Guidewire to make it easier for shared customers to deploy AI in the claims handling process and to influence industry technology standards. Guidewire’s involvement includes a strategic investment and listing EvolutionIQ as a Solution partner in Guidewire PartnerConnect, which EvolutionIQ says endorses its Claims Guidance offering. EvolutionIQ is a New York–based AI-powered claims guidance platform that monitors open insurance claims and guides examiners and adjusters to the right actions. Its platform uses proprietary machine learning and natural language processing to understand complex bodily injury and recovery and to provide real-time predictive accuracy and explainable AI. EvolutionIQ’s software actively prioritizes claims that require attention, new actions, or complex decision-making and delivers daily guidance to frontline operators. The company says it dramatically increased its customer base and tripled contracted revenue in 2022, and that every pilot it completed turned into a production customer. EvolutionIQ reports significant recurring revenue and has limited its fundraising to minimize dilution. The company plans to use the Series B proceeds to expand engineering, data science, product, and customer success teams and to expand internationally. EvolutionIQ offers a decision-intelligence platform that analyzes historical claimant data and third-party information to surface and prioritize "high-opportunity" claims for insurance examiners. The platform targets complex, long-running health-related claims (short-term disability, long-term disability, workers' comp and P&C) and presents explainable, actionable insights so adjusters can focus on the cases with the largest impact. EvolutionIQ monitors open claims to flag cases that need attention or have fallen through the cracks, and translates model outputs into plain-language guidance for frontline operators and managers. The company emphasizes explainability to mitigate bias and make its AI outputs usable in regulated insurance workflows. EvolutionIQ counts top disability carriers, property-casualty carriers and third-party administrators among its customers, including Reliance Standard, Principal, Sun Life, Argo Group, Matrix Absence Management and FullscopeRMS. The company was cash-flow-positive in 2021 and plans to use new capital to expand engineering, data science, product and customer success teams and to accelerate customer acquisition as it explores new insurance categories.

Participated · Series E · May 2019

Snapsheet is a Chicago, IL-based claims management technology company led by CEO and founder Brad Weisberg. Through its platform, Snapsheet leverages technology to streamline and expedite the claims process, providing insurers and policyholders with a user-friendly experience. The company offers a comprehensive range of appraisal, claims, and payment solutions for auto, property, and commercial insurance. Snapsheet works with over 140 insurance carriers, managing general agents (MGAs), third-party administrators (TPAs), and self-insured entities across the United States, Canada, and Europe. The company received an investment from State Farm Ventures; the amount of the deal was not disclosed. Snapsheet intends to use the funds to strengthen relationships with leaders in the P&C industry, including State Farm Ventures. Snapsheet provides a cloud-native claims management platform that digitizes and automates the end-to-end claims process from electronic first notice of loss through investigation, reserving and payment. The company serves insurance carriers, third-party administrators, insureds and vendors, and has processed millions of claims and more than $7 billion in appraisals for over 100 clients, including large carriers, TPAs and sharing-economy disruptors in North America. Led by CEO and founder Brad Weisberg, Snapsheet focuses on speeding claims processes and improving customer experience. The company plans to use new funding to hire across engineering and sales, accelerate growth and add new functionality to its platform. Snapsheet is headquartered in Chicago, Illinois. Snapsheet is a Chicago, IL-based provider of virtual claims solutions that delivers an intelligent, proprietary SaaS claims platform combining technology, data and people. The company currently serves more than 75 clients around the world. Led by president Jamie Yoder and CEO/founder Brad Weisberg, Snapsheet leverages internal and external data to make interactions across the claims journey more efficient. It intends to use the new funds to accelerate delivery of its claims platform across all lines of property and casualty, further invest in advanced analytics capabilities, and expand the team to serve clients globally. To date the company has raised a total of $71m, including the newly announced Series E. Snapsheet builds virtual claims software and related mobile applications for customers and adjusters in the personal and commercial auto insurance market. Its platform combines claims management technology, data-enabled workflows, and mobile tools to help carriers manage the full claims lifecycle. The company positions its product as mobile-first, data-centric and AI-enabled and guides customers through submitting and processing claims. Snapsheet aims to reduce the time adjusters need to collect and submit data, improving cycle times and customer satisfaction. The company plans to accelerate development of its platform and expand sales, marketing and customer engagement functions with new capital. Snapsheet provides cloud-based, white-labeled mobile apps for auto insurers to guide users through photo- and information-gathering at accident scenes and a back-end platform that lets carriers virtually process claims without sending an adjuster. The company has 35 corporate clients and works with carriers including MetroMile and Turo. Snapsheet raised a $20 million Series C and will use the proceeds for product development and to hire in client support, sales, and marketing. Management plans to develop machine learning that can predict customers' questions and deliver proactive information during the claims process. Leadership says it will stay focused on the auto claims market rather than expanding into other property lines due to the market size and the importance of customer service. Investors and company statements emphasize the technology's ability to speed claims processing and improve customer Net Promoter Scores.

Led · Equity · Oct 2015

LeanTaaS provides cloud-based iQueue software combining lean principles, predictive analytics, and machine learning to optimize scheduling and utilization of constrained healthcare resources. Its product suite includes iQueue for Operating Rooms, iQueue for Infusion Centers, and iQueue for Inpatient Beds to increase patient access, decrease wait times, reduce costs, and improve revenue. The company reports deployments across more than 300 hospitals and 100+ health systems, including iQueue for Infusion Centers covering 7,500+ chairs in 300+ infusion centers and iQueue for Operating Rooms used in more than 1,750 ORs across 34 health systems. LeanTaaS reported greater than 50% revenue growth in 2020 and negative churn despite a difficult macro environment. The company is based in Santa Clara, California, and Charlotte, North Carolina. Planned uses of capital include expanding the iQueue platform with new products and scaling engineering, product, and go-to-market teams. LeanTaaS offers the iQueue cloud-based platform that uses lean principles, machine learning, and predictive/prescriptive analytics to optimize hospital operations and match demand to constrained resources. The product suite currently consists of iQueue for Infusion Centers, iQueue for Operating Rooms, and iQueue for Clinics and is delivered as scalable web-based software. iQueue for Infusion Centers is deployed at 180 infusion centers, including six of the top 10 cancer hospitals, and customers report increasing effective capacity by 15–25% and reducing wait times by up to 50%. iQueue for Operating Rooms has been deployed at 105 hospitals across 24 health systems, with typical OR utilization improvements of 3–6% and documented ROI examples exceeding $10M. Approximately 80 health systems nationwide rely on LeanTaaS solutions. The company has nearly doubled its team in 2019 by hiring more than 85 people and plans to use new financing to expand the iQueue platform and accelerate hiring across engineering, data science, product, sales, and marketing. LeanTaaS is based in Santa Clara, California, and Charlotte, North Carolina. LeanTaaS offers the iQueue cloud-based platform, which currently includes iQueue for Infusion Centers, iQueue for Operating Rooms, and iQueue for Clinics (the latter in beta trials). The company's products embed lean principles, predictive analytics, machine learning, and optimization algorithms to improve scheduling, throughput, and utilization of scarce hospital assets. LeanTaaS reports more than 50 provider institutions on its platform and cites outcomes such as up to 50% reductions in patient wait times and 15–20% improved access to operating room time. UCHealth customers use iQueue across all 11 infusion centers and more than 90 operating rooms, according to the article. The company also operates iQueue Labs, its R&D arm exploring solutions for diagnostic imaging, emergency departments, pharmacies, labs, and inpatient beds. LeanTaaS is based in Santa Clara, California, and Charlotte, North Carolina. LeanTaaS builds the iQueue cloud platform—currently offering iQueue for Infusion Centers and iQueue for Operating Rooms—that uses lean principles, predictive analytics, machine learning and patent-pending algorithms to improve hospital operations. The platform works with any electronic health record and requires minimal internal IT support. More than 40 providers rely on LeanTaaS, and customers have reported wait-time reductions up to 50%, patient-access increases up to 30% and operational-performance improvements up to 20%. In May 2017 the company established iQueue Labs to explore operational challenges in diagnostic imaging, emergency departments, pharmacies, labs and inpatient beds. CEO Mohan Giridharadas says the company focuses on helping providers do more with existing assets and defer investments in additional staff, equipment and facilities. LeanTaaS is based in Santa Clara, California. LeanTaaS is a Silicon Valley healthcare SaaS company that applies advanced data science and patented mathematical models to optimize patient scheduling and hospital resource utilization. Its flagship product, the LeanTaaS iQueue Healthcare Suite, aims to reduce patient wait times, increase asset utilization, and lower costs of service. Early adopters include Stanford Health Care, UCSF’s Helen Diller Family Comprehensive Cancer Center, University of Colorado Hospital, and Wake Forest, with reported results such as 50% lower staff overtime, 15% decrease in cost of service, 30% reduction in median patient wait times at peak, and 25% improvement in nurse satisfaction. The company has grown its healthcare business 300% over the past two years. LeanTaaS is also creating a Labs division focused on advanced algorithms for risk analytics and has partnerships referenced with Sedgwick and Stanford TRA. Leadership announcements include the appointment of Sanjeev Agrawal as president of the LeanTaaS Healthcare Division and Mohan Giridharadas as CEO and founder.