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Wednesday, May 29, 2024
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Risk-Assessment Platform Quickly Gaining Momentum

TECH: Clearspeed’s Client Base Grows 200% in Year

Over the last year, Clearspeed has been living up to its name as its growth rate accelerates. Following a $27 million Series C funding round in October of last year, the San Diego-based provider of voice analytics technology for risk assessment has grown its client base 200%.

Clearspeed’s technology analyzes speech to identify risk-associated vocal characteristics in any language and without any additional data. The company’s solutions are used by leading global corporations and government organizations in sectors such as insurance, security, sports integrity and social impact.

Alex Martin
CEO
Clearspeed

“The technology was created because we needed the opposite of a lie detector,” said Clearspeed CEO Alex Martin, a former Marine stationed out of Camp Pendleton who spent time in “hard places” where risk assessment was crucial to safety. “We needed something to solve a problem – to clear good people quickly. Instead of finding a needle in a haystack, we needed to clear the hay.”

Clearspeed’s technology expedites low-risk transactions or individuals, while flagging high-risk cases that require further review or investigation, with an accuracy rate of greater than 97%, according to a formal U.S. Department of Defense study. The tech detects, quantifies and evaluates vocal characteristics in the human voice and reports findings on a spectrum. The technology also works across any language, free of bias.

“And like a metal detector in an airport, if we alert, we’re not casting a judgment, we’re simply saying have a look, do a follow up, with empathy and judgement of the law,” Martin said.

Detecting Fraud in Insurance, Sports

Although the security applications for the technology are apparent in areas like travel, Clearspeed’s fastest growing vertical is insurance, where it has tripled its client base since 2022.

Mark Breading
Partner
ReSource Pro Consulting

“In the insurance industry, trust is essential,” said Mark Breading, a partner at ReSource Pro Consulting. “Clearspeed’s approach to risk assessment and clearance through their innovative voice-based technology is delivering high value to the industry. Their proven neutrality, impartiality, and unbiased methodology are a catalyst for industry transformation, helping to ensure equity and fairness in the claims process.”

To quickly clear non-fraudulent insurance claims, Clearspeed uses proprietary voice assessment questionnaires that deliver objective and unbiased risk alerts based on vocal characteristics. The company saw a 400% increase in usage of them last year. The questionnaires are also useful in investigatory work.

Martin Dubbey
Managing Director
Harod Associates

“We have been impressed with the value Clearspeed brings to our security investigations at Harod,” said Harod Associates Managing Director Martin Dubbey. “The ability to assess risk quickly and accurately is crucial, and Clearspeed’s questionnaires provide an excellent means of doing so. Their innovative approach to risk assessment has been particularly useful in our global sports integrity work, where efficient clearing while also alerting to high-risk individuals is essential to maintaining the integrity of the sport.”

Clearspeed’s $27 million Series C that closed in October was led by investors Ian McKinnon, founder of Sandia Holdings, LLC, and Thomas O’Malley Jr., founder of PilotRock Investments, LLC, and supported by King Philanthropies, the philanthropic endeavor of Robert and Dorothy King.

The funds, in addition to supporting the company’s rapid commercial expansion, have also allowed Clearspeed to expand its leadership team.

In the first quarter of this year, Clearspeed made key hires, including Chief Revenue Officer Scott Moore, a former CAPE Analytics vice president of sales.

Clearspeed also bolstered its domestic and overseas sales team with the hires of former U.S. Navy Captain and former lead of JPMorgan Chase’s Global Security team Steve Wisotzki for the role of U.S. general manager of government, defense and security; and seasoned insurtech professional Manjit Rana as UK, EMEA and APAC general manager. Jeanette Hernandez leads Clearspeed’s influencer outreach strategy and drives business strategy, structure, and operations of insurance services as the company’s senior vice president of global insurance services.

Clearspeed

Founded: 2016
CEO: Alex Martin
Headquarters: San Diego
Business: Voice analytics technology for risk assessment
Employees: 100
Website: www.clearspeed.com
Notable: The U.S. Department of Defense evaluated Clearspeed’s technology as having a greater than 97% accuracy rate.

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