Vitraya Technologies, a healthcare insurance claim settlement platform based in Mohali, has raised $5 million in a Series A funding round led by business-to-business venture capital fund StartupXseed Ventures, with participation from Season Two Ventures, Cactus, Xceedance, and the family office of Mankind Pharma.
According to a statement released by the company, the funds will be used to hire skilled resources, expand global business development, and scale existing products and technology. The company also reported a $4.1 million infusion from StartupXseed Ventures earlier this year, according to regulatory filings.
Vitraya Technologies was founded by CEO Mrinal Sinha in 2019, and enables automated, real-time payouts and claim settlements between hospitals, healthcare providers, and insurers offering health insurance products. The platform has reportedly been scaled to 4000 large and mid-size hospitals within one year of its launch, and is used by Indian health insurance leaders like STAR, Niva Bupa, and CARE Health Insurance.
Vitraya Tech facilitates Fraud Detection
In addition to offering faster claim settlements and payouts, Vitraya’s platform also facilitates easy fraud detection and reduced operational costs, as per the company. Hospital, patient, and policy data is kept safe with its AI-enabled blockchain technology, and the company claims to secure all ends of the data in private blocks where the involved parties can interact safely.
Co-founding partner of StartupXseed, Ravi Thakur, said the company’s proven technology in the Indian market makes it ripe for expansion to global markets. With its healthcare insurance settlement platform, Vitraya aims to improve the patient experience through better settlement systems, enabling small, medium, and large hospitals to easily settle claims with accuracy, speed, and safety.