FraudScope, an AI-powered solution capable of identifying fraud, has collected $7m in its Series A round.
Contributions to the investment came from QED Investors, Brewer Lane Ventures and the GRA Venture Fund. Contributions also came from previous FraudScope backers Spider Capital, Mosley Ventures and TechSquare Labs.
Funds from the round will be used to scale the team and increase its product offering to meet new opportunities.
FraudScope CEO Musheer Ahmed said, “Our artificial intelligence-driven innovations in fraud, waste, and abuse identification and prevention are matched only by the results we deliver to our customers.
“With this round of financing, we are closer to realizing our vision of becoming the AI-based collaboration platform that integrates across fraud, payment integrity, clinical and provider network teams to drive down costs and increase efficiencies for health plans.”
The company aims to address healthcare fraud, waste and abuse by identifying new fraudulent scams. The platform also identifies schemes as soon as they emerge to curb the losses.
With the close of the round, FraudScope has raised a total of $10.5m in funding.
The company recently revealed its AI platform had helped health plan customers realise tens of millions of dollars in fraud, waste and abuse identifications, in the first quarter of 2020.
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