DETROIT, Oct. 4, 2018 /PRNewswire/ -- Authentic4D, the leading provider of medical imaging review technology and resolution services for casualty insurance claims, today announced the closing of a $5.0 million Series A investment. The investment was led by IA Capital Group and joined by one of the 10 largest property and casualty insurance companies in the United States. Authentic4D will use the proceeds from the investment to further enhance its patented radiology visual analytics platform and to expand sales and client service functions.
In connection with the financing, Authentic4D added Rick Viton of IA Capital to the company's Board of Directors. "Authentic4D's proprietary technology platform brings efficiency and objectivity to the casualty claims process while enhancing the customer experience by resolving claims fairly and quickly," said Mr. Viton, a Partner at IA Capital. "We're excited by the company's technological capabilities and nationwide network of independent radiologists, which has generated great traction with the largest players in the industry."
The Authentic4D platform helps reduce what can otherwise become a prolonged back-and-forth expert review process, invariably resulting in a war of words based on differing medical opinions about the same claimant that drives up the time, costs and frustration of resolving casualty claims. Authentic provides an unprecedented combination of speed (48 hours), affordability ($200 / claim), and objectivity (sub-specialized clinical expertise) to help assess injury claims.
Authentic4D's industry-pioneering Video Report converts standard medical images such as MRIs or CT scans into a full-motion, easy-to-understand 2D/3D video tour of the claimant's actual anatomy with a radiologist voiceover, resulting in more efficient claim resolution.
"We are excited to see the continued validation of our industry-changing service with the investment and are eager to use this cash infusion to bolster our team and technology to execute upon our vision," said Jorey Chernett, Authentic4D CEO and Founder. "Our new partners have deep insurance industry expertise and share our enthusiasm and commitment to embracing innovation to enhance the claims resolution process."
About Authentic4D Authentic is a technology company that has developed a patented visual analytics platform providing unprecedented speed, affordability and objectivity in reviewing and resolving injury claims arising from auto, workers compensation, general liability or disability insurance.
About IA Capital Group IA Capital Group is a New York-based investment firm focusing on early and growth stage investments in insurtech companies with a nearly two-decade-long venture capital track record. The firm manages over $100 million of dedicated capital from leading insurance companies to make strategic insurtech investments in North America.