Claim settlement platform Vitraya Technologies has secured $5 million in a Series A round led by StartupXSeed. The round also witnessed participation of Season Two Ventures, Cactus, Xceedance and the family office of Mankind Pharma.
The company plans to use infused funds for hiring skilled resources, global business development, and scaling existing products and technology, Vitraya stated in a press release.
Founded in 2019 by Mrinal Sinha, Vitraya Technologies enables automated, real-time payouts and claim settlements between hospitals, healthcare providers and insurers who offer health insurance products. Vitrya Technologies has developed AI-based technology that underwrites and makes claims decisions within 1/millionth of a second, ensuring that hospitals secure their cash settlements immediately from insurers upon discharge.
According to the Mohali-based company, it settles claims in real-time in microseconds, and fraud checks are automated, thus bringing down operational costs. It aims to improve patient experience through better settlement systems. Small, medium and large hospitals can use the technology for easy claim settlement with accuracy, speed and safety.
Vitraya said that it ensures the absolute security of the hospital, patient and policy data. The platform secures all ends of the data in private blocks where the involved parties can interact safely and hassle-free. The company’s product is being used by Indian health insurance companies like STAR, Niva Bupa, CARE Health Insurance and others.
In January, Vitraya had raised $4.1 million in its pre Series A round.