Annie Lamont, Co-Founder & Managing Partner, and Patricia Kemp, Co-Founder and General Partner of Oak HC/FT, have been jointly named to Institutional Investor’s prestigious “FinTech Finance 40,” a list of top players in fintech investing.
“We are honored to have been recognized by Institutional Investor for our accomplishments in FinTech investing,” says Lamont and Kemp. “As it says on our website, ‘our investment is a lot more than the capital we provide’ and we are so proud of the team and partnerships we have built that make that true.”
Lamont and Kemp were ranked number #25, among an impressive list of the world’s most influential players in fintech banking and investing.
We are thrilled to announce that Billy Deitch will be joining the Oak HC/FT Healthcare team as Principal. Billy will be based in San Francisco and help us continue to identify and invest in winning tech-enabled healthcare companies that are positioned for accelerated growth.
“We are excited to welcome Billy to the team and look forward to leveraging his broad transaction experience across the technology ecosystem,” says Andrew Adams, Co-Founder & General Partner at Oak HC/FT. “His focus on partnering with growing, innovative companies and entrepreneurs in digital health is completely aligned with our mission at Oak HC/FT.”
Billy joins Oak HC/FT from Francisco Partners where he was a Vice President, responsible for all aspects of investment identification, evaluation, diligence, execution, and portfolio monitoring, with a focus on tech-enabled healthcare companies. At Francisco Partners, he served as a board member of QGenda, Nextech, Dynamo Software, PayLease and Plex as well as a board observer of Source Photonics. Previously, Billy was an investor at TPG Growth and UBS Investment Bank.
Billy’s appointment follows recent exciting Oak HC/FT announcements, including Dan Petrozzo, who has joined as a Venture Partner, Andrew Robinson, who joined late last year as Oak HC/FT’s first Executive in Residence, and the launch of Oak HC/FT’s office in Boston.
NEW YORK and SANTA CLARA, Calif. — January 4, 2018 —CLARA analytics (“CLARA”), a leading artificial intelligence (AI) and data science company specializing in building easy-to-use AI-based solutions focused on claims operations for the Property & Casualty and Disability insurance industries, today announced a $11.5 million Series A funding round led by Oak HC/FT. CLARA enables the $800 billion global commercial property and casualty market to improve financial performance by decreasing the billions of dollars in claims leakage that occurs annually.
Today, solutions from CLARA empower workers’ compensation claims organizations to improve the medical management of claimants while simultaneously reducing the costs of claims with easy-to-use AI-based solutions, CLARA providers and CLARA claims. CLARA’s advanced analytic solutions incorporate the latest in AI technology to reduce claims leakage and frictional costs for insurance companies and self-insured corporations by:
Detecting (early) potential litigation and optimizing legal representation to improve outcomes and reduce defense expenses.
Connecting claims to the right providers to reduce indemnity costs.
Ensuring optimal treatment protocol is followed to reduce medical costs and lost time for injured workers.
Ensuring appropriate claims resource(s) from the outset are aligned based on claims complexity to improve outcomes.
Enabling the organization to leverage machine learning to scale the best practices of senior adjusters and managers to the broader organization to improve overall performance.
“CLARA is a first mover in utilizing AI to dramatically improve claims outcomes for the P&C industry. Their technology is highly advanced and has already driven strong ROI for its customers by reducing up to 10 percent of claims indemnity and loss adjustment expenses,” says Andrew Robinson, executive in residence at Oak HC/FT. “We look forward to partnering with CLARA in building their business and to continue to develop and mature solutions for other property and casualty lines of business.”
Jayant Lakshmikanthan, founder and CEO of CLARA analytics, adds, “CLARA brings together a combination of the latest in AI technology, extensive insurance industry expertise, and a design thinking approach to rapidly drive meaningful value for our customers. We are excited to welcome Oak HC/FT to the team and look forward to leveraging their extensive insurance and insurtech expertise.”
CLARA’s customers range from market leading and small specialty focused carriers to self-insureds and TPAs. The solutions are currently focused on workers’ compensation but will soon extend to other lines like commercial auto, general and professional liability as well as disability.
Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). The fund and its investors contain deep domain experience and are uniquely positioned to provide entrepreneurs and companies with strategic counsel, board-level participation, and access to an extensive network of industry leaders. Mr. Robinson will be joining CLARA as chairman, and Matt Streisfeld will join the board of directors.
About CLARA analytics
CLARA analytics empowers workers’ compensation claims teams to rapidly get injured workers back on track with easy-to-use artificial intelligence (AI)-based solutions. Its CLARA providers search engine is an award-winning provider scoring engine that helps rapidly connect injured workers to the right providers, while CLARA claims is an early warning system that helps frontline claims teams efficiently manage claims, reduce escalations and understand the drivers of complexity. CLARA’s customers include a broad spectrum — from the top 25 insurance carriers to small, self-insured organizations. For more information, visit www.claraanalytics.com, and follow CLARA analytics on LinkedIn, Facebook and Twitter.
About OAK HC/FT
Oak HC/FT (http://oakhcft.com) is the premier venture fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). We are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Follow Oak HC/FT on Twitter, LinkedIn and Medium.
CLARA providers and CLARA claims are trademarks of CLARA analytics. All other brand names and solution names are trademarks or registered trademarks of their respective companies.
Oak HC/FT leads growth round to drive partner, platform and market expansion
CHICAGO, IL (January 4, 2018) - NextCapital, the leader in enterprise digital advice, is pleased to announce the completion of its Series C Preferred Stock financing. Oak HC/FT, the premier venture fund investing in early to growth stage tech-enabled financial services and healthcare companies, led the funding round. Existing NextCapital shareholders Manulife Financial, Transamerica Ventures, Vermont Seed Capital Fund and Route 66 Ventures also participated.
NextCapital provides institutions with an integrated and configurable platform to deliver automated personal financial advice — including holistic portfolio tracking, planning, savings advice, and portfolio management.
“Oak HC/FT shares our conviction that large financial institutions will win the big shift to scalable personal investment advice,” said John Patterson, Chief Executive Officer of NextCapital. “This infusion of new capital, coupled with Oak HC/FT’s fintech pedigree, will accelerate our ability to bring new digital advice capabilities to market and open up new strategic business channels.”
“The $15 trillion U.S. retirement savings market is going through seismic change– from a regulatory, technology, and consumer perspective,” said Patricia Kemp, Co-Founder and General Partner, Oak HC/FT. “Having surveyed the digital advice landscape, NextCapital is uniquely positioned to enable the transformation of the U.S. retirement industry and the way Americans save for retirement.”
NextCapital assists institutional partners to rapidly and cost-effectively bring to market a full-stack digital advice solution that is specifically built to support the demanding configuration requirements.
“Retirement and asset management firms are selecting NextCapital as a technology partner because of its ability to provide a truly differentiated digital advice solution,” added Alois Pirker, research director of Aite Group. “More specifically, large institutions want to utilize their own proprietary investment methodology, have full control of user experience, integrate to multiple 401(k) record keeping systems, and often, support multiple business channels.”
Patricia Kemp has 15 years of experience as a venture capitalist investing in transformative companies and entrepreneurs in financial services and FinTech, will join the NextCapital Board of Directors. Additionally, Oak HC/FT venture partner Dan Petrozzo, will join NextCapital as a Board Observer. Prior to joining Oak HC/FT, Dan was previously Chief Information Officer of Fidelity Investments and Morgan Stanley, as well head of investment management technology for Goldman Sachs.
Oak HC/FT’s FinTech team is excited to welcome our newest Venture Partner, Dan Petrozzo, who will help us expand our track record of investing in fintech companies that are positioned for accelerated growth.
Dan brings two decades of experience in capital markets and asset management, with a specific focus on infrastructure and technology. His experience as an entrepreneur, operator and investor, combined with his institutional knowledge of capital markets, IT and infrastructure, make him a great addition to Oak HC/FT as we deploy our second fund.
“Since launching Oak HC/FT in 2014, we have continued to expand the firm by bringing on industry leaders and executives to join our team,” said Tricia Kemp, Co-founder and General Partner of Oak HC/FT. “Dan is a world-class entrepreneur and executive whose startup and financial services expertise complement our group ideally.”
Dan Petrozzo added, “I am passionate about tackling complex problems in Financial Services, and I now look forward to this opportunity to work with the terrific team at Oak HC/FT. We will deploy our collective skills to address important issues in the multi-trillion-dollar Financial Services market, including by leveraging technology to improve quality, reduce inefficiencies, enhance customer experiences.”
Prior to joining Oak HC/FT, Dan was Senior Vice President at Intralinks where he was responsible for customer success and technology operations. Dan joined Intralinks from Verilume, a cloud computing company he co-founded, which was sold to Intralinks in 2016.
Dan is a former Partner and was Global Head of Technology for investment management at Goldman Sachs. He was Chief Information Officer at Fidelity Investments, and former Co-Chief Information Officer at Morgan Stanley, and Global Head of Equity Prime Services Technology for Deutsche Bank AG.
Dan’s appointment follows other recent additions to the Oak HC/FT team, including Andrew Robinson, who joined as an Oak HC/FT Executive in Residence, as well as Brigitte Tondreau, a newly appointed analyst with the fintech team.