Source: PRWeb
ClaimScore, the industry’s first and only provider of AI-based, real-time claim validation software, today announced the closing of a $3.15 million seed funding round led by ROC Venture Group, a private investment firm based in Naples, Florida. ClaimScore is the only software solution dedicated to resolving the ever-expanding claims fraud problem in class action settlements.
ROC Venture Group, which invests in early-stage technology businesses, was drawn to ClaimScore’s unique position in a niche market within the legal industry. Fraud is prevalent in 99% of consumer class action cases; ClaimScore’s tech identifies fraud with 98.5% accuracy. In 2023, companies paid out $51.3 billion in class action settlements. To date, ClaimScore has helped companies avoid $340 million in fraudulent payouts.
“We are incredibly excited to partner with ROC Venture Group as we continue to grow ClaimScore,” said Bob Gallo, CEO of ClaimScore. “The legal industry faces a surge of fraudulent claims due to AI. ClaimScore’s advanced AI algorithm cuts through the noise, identifying fraud in real-time so legal teams can prioritize legitimate claims. We’re making claims processing, validation and fraud identification faster than humanly possible to speed up the legal process and to create unprecedented transparency for everyone. This funding round empowers us to bring ClaimScore’s benefits to the wider legal community.”
Read full article: https://www.prweb.com/releases/claimscore-secures-3-15-million-in-seed-funding-from-roc-venture-group-302119289.html
