According to InsurTech Insights, Spark Capital spearheaded the investment, with support from Acrew Capital, TTV Capital, Mike Rosengarten, the former co-founder and CTO of OpenGov, and Sam Hodges, co-founder and CEO of Vouch Insurance. With this new financing, Stream Claims has now raised $6.8 million in total.

Founded in 2022 and headed by CEO Eric Yen, Stream Claims provides a platform that automates the processing of medical records and generates insights using artificial intelligence.

The company's technology processes and summarizes medical information using artificial intelligence in an effort to make document management for workers' compensation providers easier.

Stream Claims plans to strengthen its product and customer success teams with the additional funding. The business claims that with the additional cash, its AI-driven platform will be improved in 2025, becoming more potent and flexible to meet the changing needs of the workers' compensation industry.

Three main products are available from Stream Claims: Chrono, an AI-powered tool that lets users upload and review medical records with summaries created by the system; Chrono+, a full-service medical chronology and summaries provider; and Sift, a solution that reduces the amount of paperwork and page count by removing unnecessary information from medical documents.

"With this new capital, we're doubling down on our product and customer success teams, ensuring we deliver even more value to our customers," a Stream Claims representative said in a statement. We want to keep improving our AI-powered platform in 2025 so that it can better meet the changing demands of the workers' compensation sector. The business also stated that it is aggressively looking for outstanding talent and is dedicated to expanding as a physical team in San Francisco.

With its most recent round, Stream Claims has secured $6.8m total capital, up from $1.5m in its previous round.