Reserv Secures $125M in Series C Funding to Build AI-Native Claims Processing Platform

Claims used to be the quiet backlog nobody wanted to touch, buried in legacy systems and slow decisions that aged like milk. Reserv walked straight into that mess with a map and a flamethrower. New York-based Reserv locked in $125M in Series C funding, led by KKR, with Bain Capital Ventures and Flourish Ventures doubling down like they’ve seen this movie before and already know the ending, and when the same investors keep showing up, it’s usually not for the coffee, it’s because the math keeps working.

Credit where it’s due, CJ Przybyl, CEO, didn’t stumble into this problem, he’s been circling claims chaos since the Snapsheet days, Martha Dreiling, President, knows how to scale operations without turning them into a corporate haunted house, and James Maddox, CTO, is the one wiring the brain, building AI that doesn’t just assist claims, it actually thinks through them in real time, and that trio didn’t build another dashboard, they built a system that eats the entire claims lifecycle, from first notice of loss to settlement, and spits out clarity on the other side.

Here’s where it gets interesting, while most of the industry is still patching “AI” onto legacy systems like it’s a surface-level fix, Reserv went native from day one, their platform doesn’t inherit inefficiencies, it replaces them, and the patent pending rollover tech alone turns a 9 month migration headache into a 2 week transition, which in insurance time feels a lot closer to teleportation with a compliance trail.

And the numbers aren’t whispering, $100M in ARR, nearly 200 customers across carriers, MGAs, and captives, 500,000 claims capacity with a line of sight to 30M, and that’s not growth, that’s controlled velocity with something very intentional behind it.

KKR stepping in here isn’t random, this is a signal that the plumbing of insurance, the part nobody brags about at conferences, is finally getting rebuilt with precision, because claims is where the money moves, where trust gets tested, where brands either show up or quietly disappear, and Reserv is positioning itself right in that moment of truth, not as a vendor, but as infrastructure.

The quiet lesson sitting underneath all of this is simple, they didn’t win by being louder, they won by being earlier to the real problem, they understood that fixing claims isn’t about speed alone, it’s about intelligence at scale, paired with operators who know exactly where the friction lives and how to remove it without breaking everything else, and now they’ve got the capital to press that advantage, harder and faster, without asking permission from legacy systems that were never designed for this kind of pressure.