Vitraya Technologies, an India-based technology platform that enables automated claims decision making for insurers and real-time payouts to providers, has secured $4.1m in Series A funding.
Xceedance, a global provider of digital transformation solutions, technology, and analytical services to the insurance industry, together with a consortium of investors, backed Vitraya.
Founded in India, Vitraya Technologies is on a mission to revolutionise claims decision-making and settlements in health insurance.
Its holistic solution aims to address the pain points of both hospital administrators and insurance companies.
The platform uses AI and blockchain technologies to automate payment integrity, medical coding, and benefits administration for insurers. The automation ensures easy claims documentation and filing, reduced errors, document and information completeness, and minimal processing time for healthcare providers and insurance claims processors.
Vitraya said healthcare systems utilising solutions from Vitraya Technologies report reduced claims administration costs, better process transparency, and improved efficiency. Insurers report reduced processing costs and lower fraud losses.
Arun Balakrishnan, chief executive officer at Xceedance, said, “The work Vitraya Technologies is doing to enable claims decisioning and payments in health insurance is impressive, making the decision to fund the organization at this early stage an easy one.
“At Xceedance, we have made multiple investments in innovative insurtech organizations across global insurtech markets, but this is the first time we have targeted an India-based company. I look forward to being involved as Vitraya expands to serve larger segments of health insurance globally, starting with the Indian insurance and healthcare markets.”
Mrinal Sinha, chief executive officer at Vitraya, added, “This strategic investment from Xceedance is an important enabler for Vitraya. Xceedance is a trusted name in the digital transformation of insurance. Working together with Xceedance, we look forward to making insurance claims processing efficient and fraud-proof across the world.”
Earlier this year, InsuranceDekho, an InsurTech which has positioned itself as a leader in the Indian market, raised $150m in Series A funding.
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