Vitraya technologies secured $5M in series A from StartupXseed and others
The company will infuse capital towards hiring skilled resources, global business development, and scaling existing products and technology.
Mohali-based has raised $5 million from a Series A round led by business-to-business (B2B) venture capital fund with participation from , Cactus, , and the family office of Mankind Pharma.
The company will infuse capital towards hiring skilled resources, global business development, and scaling existing products and technology, it said in a statement.
Earlier this year, the company reported a $4.1 miliion infusion from StartupXseed Ventures, as per its regulatory filings.
"We developed the Vitraya platform to connect hospitals, insurers, clinics, and patients on a single platform, facilitating faster claim settlements and payouts, easy fraud detection, and reduced operational costs," said Mrinal Sinha, CEO, Vitraya Technologies.
Founded by Sinha in 2019, Vitraya technologies enables automated, real-time payouts and claim settlements between hospitals, healthcare providers, and insurers that offer health insurance products. Health insurance claims are settled in real-time and fraud checks are automated, thus bringing down operational costs, as per the company.
It claims to have been scaled to 4000 large and mid-size hospitals within one year of its launch. It is also used by Indian health insurance leaders like STAR, Niva Bupa, CARE Health Insurance, and others.
On Vitraya, hospital, patient, and policy data is kept safe with its AI-enabled blockchain technology. It also claims to secure all ends of the data in private blocks where the involved parties can interact safely.
With its healthcare insurance settlement platform it looks to improve the patient experience through better settlement systems. Small, medium, and large hospitals can use this technology for easy claim settlement with accuracy, speed, and safety.
"With the tech proven in the Indian market, we look to expand to global markets," said Ravi Thakur, Co-founding partner, StartupXseed.
Edited by Akanksha Sarma