Vitraya Technologies, a platform for settling claims, has raised $5 million in a Series A round that was co-led by StartupXSeed. Season Two Ventures, Cactus, Xceedance, and the family office of Mankind Pharma all participated in the round.
According to a press release from Vitraya, the company intends to use the infused funds for the scalability of current products and technologies, hiring of qualified personnel, and international business development.
Mrinal Sinha founded Vitraya Technologies in 2019, which enables automated, in-the-moment payouts and claim settlements between hospitals, healthcare facilities, and insurers that provide health insurance products. In order to guarantee that hospitals receive their cash settlements from insurers right away after patient discharge, Vitrya Technologies developed AI-based technology that underwrites and makes claims decisions in less than one-millionth of a second.
The Mohali-based business claims that by automating fraud checks and settling claims in real-time within microseconds, it can reduce operational costs. Through improved settlement systems, it seeks to enhance the patient experience. The technology can be used by small, medium, and large hospitals to quickly and safely settle claims with accuracy.
According to Vitraya, the hospital, patient, and policy data are completely secure. The platform secures all data ends in discrete blocks so that all parties can communicate with one another without risk. Indian health insurance providers like STAR, Niva Bupa, CARE Health Insurance, and others use the company’s product.
Vitraya raised $4.1 million in its pre-Series A round in January.
