Our investment in Stream
Picture this: You’re drowning in a sea of paperwork. Doctors’ reports, MRI scans, medical bills, incident forms, wage statements — they’re piling up on your desk. You try to decipher a scan of an MRI report that was just faxed to you. The text is too small to read. Your eyes dart to the clock. Deadlines loom. Your heart races. Suddenly, your manager walks in with news: your caseload is doubling due to staff shortages. Your heart races even faster, thinking about the mountain of paperwork ahead and the harsh consequences of missing critical details. In an industry where a single claim file can consist of a hundred pages of supporting documents, and complex cases can balloon to over a thousand pages, the work of a claims adjuster is daunting.
This scenario is all too common in the workers’ compensation industry. With over five million claims filed annually, manual reviews have become nearly impossible to keep up with. The sheer volume of data is overwhelming, and the consequences of oversight are severe: delayed treatments, increased costs, and potential legal ramifications. In an era where rising medical costs and stricter regulations are squeezing margins, insurers and third-party administrators are desperately seeking ways to streamline processes and reduce expenses. But what if there was a better way?
Enter Stream. I’m thrilled to announce our Seed investment in Stream, an AI-powered platform for workers’ compensation claims management. Stream’s AI-powered engine classifies, extracts insights from, and summarizes medical records in real-time. The result? Claims are processed significantly faster, cheaper, and with higher quality than the status quo. By transforming the manual, time-consuming process of claims review into a scalable, efficient software solution, Stream’s product is a no-brainer for customers to adopt.
Stream isn’t just improving existing software, they’re redefining what can be ‘software’ by marrying new AI capabilities with their deep domain expertise of the claim adjuster workflow. With Stream, tasks that previously required human judgment can now be automated at scale. This approach isn’t just innovative, it literally wasn’t possible to build two years ago, due to the underlying technology’s lack of maturity. This approach doesn’t just streamline processes, but has the potential to reshape massive service-heavy industries like insurance.
When we met Stream founders Eric and Eilam, we were impressed by their deep domain expertise in workers’ compensation from their time as product and engineering leaders at Next Insurance and Eric’s time as a claims adjuster at Liberty Mutual. We believe this deep domain expertise is crucial for building AI-first products that replace human cognition, enabling founders to deeply understand their customers’ work and successfully design products that deliver value, feel natural, and earn users’ trust.
We couldn’t be more thrilled to partner with Eric, Eilam, and the entire Stream team (they’re hiring!), along with an awesome group of co-investors like Acrew Capital, Crystal Venture Partners, Nevcaut Ventures, TTV Capital, Y Combinator, and angel investors, like Sam Hodges (co-founder/CEO of Vouch Insurance) and Mike Rosengarten (former co-founder/CTO of OpenGov).
Welcome, Stream!