Healthcare and life insurance-focused artificial intelligence startup i3systems has raised $1 million in seed round from Unitus Ventures. Existing investors Behram Vakil, founding partner of AZB Partners, and Jerxis Vandrevala, founder of Sanchez Computers also participated in the round.
The Mumbai-based startup plans to use the funds to partner with the country’s top 20 life and health insurance companies, and process 1 million policies through its digital platform.
Founded in 2016 by Mallesh Bommanahal, Varzavand Batliwala, and Ravi Chandibhamar, i3Systems builds machine learning solutions for healthcare businesses.
The startup has two flagship products – DataMD and i3Claim.
DataMD automates Health/Life insurance underwriting and creates a real-time structured database which provides an accurate health-risk prediction, fraud identification and superior customer experience for App-driven healthcare companies.
On the other hand, i3Claim converts all hospitalisation documents into digital data and presents it on a special interface to the claim adjudication doctor.
Unitus Ventures, rechristened from Unitus Seed Fund, recently raised Rs 100 crore towards the first close of its estimated Rs 300 crore second corpus from investors including Bill Gates and Michael and Susan Dell Foundation.
Unitus made 23 investments from the first fund and has also made secondary exits including Cuemath. The first fund was focused mainly on healthcare and education, whereas the second fund will consider fintech as its core investing area.
Unitus Ventures has already made six investments from Fund II. Earlier, in 2018, it has invested in mobile learning platform EdMobile, Bengaluru-based Predible Health, and outsourcing solution provider Awign.
The development was reported by ET.