Aclaimant, an insight-driven workflow platform for safety and risk management, has raised $15 million in Series B equity and debt funding led by Next Coast Ventures.
This brings the company’s total funds raised to over $20 million. Adam Rogers, former CEO of Ultimate Software, and existing investors Mercury Fund, KEC Ventures, Royal Street Ventures, and Aspen Capital Group also participated in the round.
The company will use the new funds to double down on product innovation, increase hiring across all departments, accelerate client acquisition and sales as well as marketing and partnership development. Aclaimant will continue to add key talent across the risk management spectrum to grow and expand its in-house subject matter expertise.
“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,” said David Wald, CEO and co-founder of Aclaimant. “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.”
“David and the Aclaimant team have built an unbelievable platform and assembled the right team to tackle this opportunity. Together, they are bringing much-needed innovation to the risk management and insurance space subsisting of old, outdated technologies,” said Thomas Ball, Partner, NextCoast Ventures. “Aclaimant is empowering risk managers to take control of their systems, data and processes. Aclaimant is the future of active risk management. The legacy players shouldn’t have all the fun. This is about empowering every company to take active risk management into their own hands and to truly improve their organizations from the inside out.”
The senior management team, including co-founders Wald, Joel Friedman, and Michael Schultz, will continue to lead the company. As part of the round, Thomas Ball (Partner at Next Coast Ventures) will join the company’s board as a director, Kathy Burns (Chief Digital Officer at Ryan Speciality) will join the company’s board as an independent director, and Adam Rogers will join the company’s board as an observer.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.