EvolutionIQ Acquisition, Valuation, Funding & Investors
EvolutionIQ was acquired by CCC Intelligent Solutions for $730M in December 2024.
EvolutionIQ revenue
$45M
Series A · Jun 2023
Cumulative funding EvolutionIQ raised
$64M
across 6 funding rounds
Key investors in EvolutionIQ
First Round Capital
Foundation Capital
FirstMark
Brewer Lane Ventures
Plug and Play
Amasia
About EvolutionIQ
EvolutionIQ is a New York-based provider of AI-powered claims management software for property and casualty insurers. The platform automates disability and general liability claims processing for clients such as Liberty Mutual and Sedgwick. It delivers fraud detection dashboards, productivity tracking, and reserve optimization tools that reduce cycle times and operational costs across North American markets.
Founded
2019
HQ
New York City, NYWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$45M (Jun 2023)
Valuation
$200M (Jun 2023)
EvolutionIQ Acquisition
EvolutionIQ was acquired by CCC Intelligent Solutions for $730M on 20 December 2024.
Before the acquisition EvolutionIQ had raised $64M across 6 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 20 Dec 2024 | Strategic M&A | $730M |
EvolutionIQ Valuation
EvolutionIQ is currently valued at $200M, based on its Series A in June 2023.
EvolutionIQ's valuation has grown 1.3x from $150M at its Series A in April 2022 to $200M in June 2023, across 3 priced rounds.
EvolutionIQ valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2023 | Series A | $200M | 4.4x |
| Feb 2023 | Series B | $200M | 4.4x |
| Apr 2022 | Series A | $150M | - |
EvolutionIQ Revenue
EvolutionIQ's latest recorded revenue is $45M, as of its Series A in June 2023. At a $200M valuation, that implies a 4.4x revenue multiple.
Revenue moved from $45M in February 2023 to $45M in June 2023, while the revenue multiple moved from 4.4x to 4.4x.
EvolutionIQ revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2023 | $45M | $200M | 4.4x | Series A |
| Feb 2023 | $45M | $200M | 4.4x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
EvolutionIQ Funding History
EvolutionIQ has raised a total of $64M across 6 funding rounds.
EvolutionIQ's first fundraising round was a $3M seed round in July 2019. The most recent completed round was a $20M Series C in August 2024.
EvolutionIQ funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2024 | Series C | First Round Capital; Amasia | $20M | - | EvolutionIQ is an AI-powered Claims Guidance platform for Disability, Workers' Compensation, and Property & Casualty insurance, helping insurers improve outcomes for sick or injured people. Founded in 2019 by Michael Saltzman and Tomas Vykruta, the company raised a $20.2M venture round on approximately August 14, 2024, listed as 10th largest NYC tech funding that month, bringing total equity funding to $63.4M with backers including First Round Capital, Principal Financial Group, Sedgwick Claims Management Services, Plug and Play, and FirstMark. An earlier Series B round completed February 28, 2023 raised $7M at a valuation greater than $200M (a 42% increase from March 2022 Series A), led by Brewer Lane Ventures with participation from First Round Capital, FirstMark Capital, Foundation Capital, and Principal Financial Group. The company reported tripling contracted recurring revenue for the third consecutive year in 2022, dramatically increasing its customer base with all pilots converting to production customers. EvolutionIQ later achieved a major exit via acquisition by CCC Intelligent Solutions for $730M, as detailed in First Round Review articles, after raising only $63M total and growing to 200 employees with nine products, international expansion, and a strong position in claims guidance. The company focused on high pricing with proven ROI, hiring top AI talent from Google, Amazon, and others, and maintained disciplined execution across forecasting, fundraising, and recruiting even in tough markets. |
| Jun 2023 | Series A | - | $10M | $200M | EvolutionIQ develops an AI-powered Claims Guidance platform for Disability, Workers' Compensation, and Property & Casualty insurance carriers. The platform processes large amounts of data to assess insurance claim compensation, enabling faster resolutions with human oversight, making insurance more fair, transparent, and affordable. EvolutionIQ completed a Series B round on approximately January 9, 2023, raising funds at a $200M valuation, followed by a Series B-II on June 22, 2023, led by investors including First Round Capital across multiple rounds and Guidewire Software in a later corporate minority round. The February 2023 Series B announcement capped funding at $7M, bringing total raised to $33.1M with participation from Brewer Lane Ventures, FirstMark Capital, Foundation Capital, and Principal Financial Group. The company tripled contracted recurring revenue for the third consecutive year in 2022, dramatically increased its customer base with every pilot converting to production, and expanded to over 100 employees, more than doubling its AI team with talent from Amazon, Google, Bloomberg, Meta, and Palantir. Proceeds supported engineering, data science, product, customer success teams, and international expansion. |
| Feb 2023 | Series B | Brewer Lane Ventures (lead); First Round Capital; FirstMark; Principal Financial Group; Foundation Capital | $7M | $200M | EvolutionIQ develops an AI-powered Claims Guidance platform for Disability, Workers Compensation, and Property & Casualty insurance, helping insurers improve outcomes for sick or injured people by accelerating recovery and return to work compared to legacy processes. The company completed its Series B round on February 28, 2023, raising $7 million at a greater than $200 million valuation, led by Brewer Lane Ventures with participation from First Round Capital, FirstMark Capital, Foundation Capital, and Principal Financial Group. This brought total funding to $33.1 million and marked a 42 percent valuation increase since the March 2022 Series A. In 2022, EvolutionIQ tripled its contracted recurring revenue for the third consecutive year, dramatically expanded its customer base with every pilot converting to production, and saw existing customers rapidly adopt new software modules. The company more than doubled its AI team to over 100 employees, hiring talent from Amazon, Google, Bloomberg, Meta, and Palantir. Proceeds from the round supported further expansion of engineering, data science, product, customer success teams, and international growth while minimizing dilution. |
| Apr 2022 | Series A | Brewer Lane Ventures (lead); Altai Ventures; First Round Capital; FirstMark; Sedgwick Claims Management Services; Guardian Life; Reliance Life Insurance; Foundation Capital; New York Life Ventures; Asymmetric Capital Partners | $21M | $150M | EvolutionIQ develops AI-powered claims guidance platforms for insurance carriers, analyzing historical claims data to provide insights that improve claims handling, reduce costs, accelerate processing, and enhance customer service across P&C and group benefits lines. The company focuses on disability and bodily injury claims, offering augmentation tools for adjusters rather than robotic process automation, emphasizing better decision-making and early interventions to lower expense ratios. In April 2022, EvolutionIQ raised a $21M Series A led by Brewer Lane Ventures, with participation from First Round Capital, FirstMark, Foundation Capital, and others including Altai Ventures, Asymmetric Capital Partners, Guardian Life, New York Life Ventures, Reliance Life Insurance, and Sedgwick Claims Management Services, bringing total funding to around $33M at that point. The funds supported engineering, data science, product, customer success expansion, and international growth, with the team doubling its AI staff from hires at Amazon, Google, Bloomberg, Meta, and Palantir. EvolutionIQ achieved strong traction in 2022, tripling contracted recurring revenue for the third consecutive year, converting every pilot to production customers, and seeing rapid adoption of new modules by existing clients. A majority of major US disability carriers (10 of top 20) adopted its software, with partnerships like Munich Re offering it to US and Canada clients. Clients reported loss ratio reductions up to 3.3%, 7-10x ROI from shorter claim durations, and 3,362 absence years saved. Daily active users grew 7x, supported by patent-pending NLP, in-house datasets, and parsing of full claim files with 250,000+ ICD codes. The company raised sparingly ($63M total), maintained discipline through market challenges, and later exited via $730M-$750M acquisition by CCC Intelligent Solutions after six years, establishing the 'claims guidance' category with nine products and global reach. |
| May 2020 | Seed | - | $2M | - | - |
| Jul 2019 | Seed | First Round Capital (lead); Plug and Play; FirstMark; Foundation Capital | $3M | - | EvolutionIQ, founded in 2019, develops an AI-powered claims guidance platform for disability, workers' compensation, and property & casualty insurance, helping insurers streamline claims processing, improve decision-making, and enhance outcomes for claimants. The company received seed funding in early summer 2019 led by First Round Capital, with participation from FirstMark Capital and Foundation Capital. Initial pilots began in spring 2019 with a small $30K contract that provided access to claims data for prototyping. EvolutionIQ's early traction included securing production customers from pilots and focusing on high-value pricing in the insurance sector. The company raised subsequent rounds, including a $21M Series A in 2022 at over $150M valuation bringing total funding to $26.1M, and a $7M Series B in 2023 at over $200M valuation. It was acquired by CCC Intelligent Solutions in December 2024 for $730M after raising $63M total and growing to 200 employees with nine products and international expansion. |
Who has invested in EvolutionIQ?
13 investors have backed EvolutionIQ across its funding rounds, including First Round Capital, Foundation Capital, FirstMark, Brewer Lane Ventures, Plug and Play and Amasia.
Lead investors include Brewer Lane Ventures and First Round Capital.
EvolutionIQ Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Philadelphia, PA | 4 | Lead | Jul 2019 | |
| New York City, NY | 3 | Participant | Jul 2019 | |
| San Francisco, CA | 3 | Participant | Jul 2019 | |
| Boston, MA | 2 | Lead | Apr 2022 | |
| San Francisco, CA | 1 | Participant | Jul 2019 | |
| Westport, CT | 1 | Participant | Apr 2022 | |
| Memphis, TN | 1 | Participant | Apr 2022 | |
| New York City, NY | 1 | Participant | Apr 2022 | |
 Mumbai | 1 | Participant | Apr 2022 | |
| United States | 1 | Participant | Feb 2023 | |
| San Francisco, CA | 1 | Participant | Aug 2024 | |
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Start Free TrialEvolutionIQ Competitors
EvolutionIQ competitors include listed companies like Beijing Deep Glint Tech and Shenzhen Sunwin, and private ones like PolyAI, Beyond Limits, Deeproute and Labelbox.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 London | Private | - | - | $750M | - | |
| Los Angeles, CA | Private | - | - | $708M | - | |
 Shenzhen | Private | - | - | $600M | - | |
| San Francisco, CA | Private | $33M | - | $900M | 27.3x | |
| China | Publicly listed | $23M | ($29M) | $745M | 8.7x | |
| China | Publicly listed | $20M | ($147M) | $687M | - |
EvolutionIQ Public Comps
EvolutionIQ is no longer listed, but its public comps include Beijing Deep Glint Tech, Donegal Group, Eurohold Bulgaria, Shenzhen Sunwin, Root Inc., FBD Holdings, weSure, NICO Holdings, Tiptree and Beijing Haitian Ruisheng.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $23M | ($29M) | 25.1x | 8.7x | (19.8x) | (80.2x) | |||
| $978M | $102M | 0.7x | 0.8x | 7.1x | - | |||
| $1.9B | $219M | 1.3x | - | 11.0x | - | |||
| $20M | ($147M) | 37.7x | - | (5.0x) | - | |||
| $1.5B | $74M | 0.4x | 0.4x | 8.0x | 4.1x | |||
| $533M | $100M | 1.4x | 1.2x | 7.3x | - | |||
| $1.5B | $179M | 0.7x | - | 5.9x | - | |||
| $868M | $131M | 0.9x | - | 6.2x | - | |||
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Common questions about EvolutionIQ
| When was EvolutionIQ founded? | EvolutionIQ was founded in 2019. |
| Where is EvolutionIQ headquartered? | EvolutionIQ is headquartered in New York City, NY, United States. |
| Is EvolutionIQ publicly listed? | No, EvolutionIQ was acquired by CCC Intelligent Solutions in December 2024. |
| Who acquired EvolutionIQ? | EvolutionIQ was acquired by CCC Intelligent Solutions in December 2024. |
| How much was EvolutionIQ acquired for? | EvolutionIQ was acquired for $730M in December 2024. |
| What is EvolutionIQ's valuation? | EvolutionIQ was last valued at $200M in its Series A in June 2023. |
| How much funding has EvolutionIQ raised? | EvolutionIQ has raised $64M across 6 funding rounds. |
| What was EvolutionIQ's last funding round? | EvolutionIQ's last funding round was a $20M Series C in August 2024. |
| Who are EvolutionIQ's investors? | EvolutionIQ's investors include First Round Capital, FirstMark, Foundation Capital, Brewer Lane Ventures, Plug and Play, Altai Ventures, Sedgwick Claims Management Services, Guardian Life, Reliance Life Insurance, Principal Financial Group and 3 others. |
| What is EvolutionIQ's revenue? | EvolutionIQ's latest recorded revenue is $45M (June 2023). |
| What is EvolutionIQ's revenue multiple? | EvolutionIQ's latest valuation implies a 4.4x revenue multiple ($200M valuation on $45M of revenue). |
| Which companies are comparable to EvolutionIQ? | Companies comparable to EvolutionIQ include PolyAI, Beyond Limits, Deeproute, Labelbox, Beijing Deep Glint Tech and Shenzhen Sunwin. |
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