US-based fintech startup CoverSelf, which offers a SaaS platform to streamline and simplify healthcare claims and payments, has announced raising $8.2 Mn in a seed funding round.
The round was co-led by existing investors 3one4 Capital and BEENEXT, along with new backers Z21 Ventures and other healthcare leaders.
The startup, founded in 2021 by Rajasekhar Maddireddy and Raghavendra Pawar, said it will use the funds to expand its operations, build generative AI capabilities, and hire more talent in sales and marketing.
CoverSelf aims to address the challenges and inefficiencies in the current healthcare claims ecosystem, which relies on outdated technologies and complex processes. The startup claims that its platform can reduce administrative costs and waste by enabling real-time data access and collaboration among all stakeholders.
“The current claims integrity systems are very complex and the deployed technologies are antiquated. Significant software innovation is needed to address the broken system that is currently creating out-of-control healthcare costs and waste,” said Maddireddy, cofounder of CoverSelf.
He added that the existing software solutions result in scattered data and the inability to make real-time business decisions, leading to billions of dollars in unnecessary expenses. “Our platform is designed to democratise healthcare claims and payment integrity by empowering payment integrity teams with the tools they need to collaborate, automate, and optimise their workflows,” he said.