WarrCloud, the automotive industry’s leading automated warranty processing platform, announced it has raised $20 million in Series B funds. WarrCloud will use the funds to further develop its AI capabilities, focusing on supporting automotive warranty claims automation and strengthening customer success capabilities. Centana Growth Partners led the funding round.
The Series B funding round also includes participation from return investors Argentum and Automotive Ventures. This Series B funding round follows WarrCloud’s $6.5 million Series A funding round in November 2023. And in total, WarrCloud has raised $40 million since it was introduced to the market in 2021.
WarrCloud offers an innovative technology platform that leverages AI to automate warranty claims processing in the automotive industry. And this level of automation gives dealers a newfound ability to reclaim profits and reduce the reliance on a shrinking labor pool and provides manufacturers access to warranty data that can now be analyzed to improve manufacturing processes, reduce costs, and improve vehicle quality, all of which leads to increased customer satisfaction.
The deployment of more advanced machine learning and natural language processing technologies will further enhance WarrCloud automation and will accelerate the warranty claims processing. This further positions WarrCloud as a pioneer of smartsourcing in the automotive industry. Smartsourcing (sometimes called intelligent outsourcing) is a strategic approach that transcends traditional outsourcing by integrating advanced technologies to enhance business operations.
KEY QUOTES:
“WarrCloud has created a unique, powerful solution that significantly increases efficiency for automotive dealership operations. Jim’s extensive experience in the automotive industry has equipped him with a deep understanding of opportunities to increase dealers’ profitability, significantly boost ROI, and simultaneously strengthen customer loyalty. The company’s ability to transform a manual service to an automated process has many parallels with processing other types of claims across the insurance landscape. Combined with the impressive customer traction WarrCloud has generated, this creates a rare market opportunity that’s an ideal match for Centana.”
-Eric Byunn, Partner, Centana Growth Partners
“We’ve generated significant interest from automotive dealers and dealer groups since creating our category and introducing the ability to automate the warranty claims process. Our ability to deliver on such a unique value proposition has translated to significant support from the investment community, most notably closing this current up round in a down market. With the support of all our investors, we will maintain our growth trajectory and continue to invest in our hyper growth.”
-Jim Roche, Founder and CEO, WarrCloud
