Healthtech startup CoverSelf raises $4.8 million in funding from Beenext, 3one4 Capital

• ByStartupStory     |    September 17, 2022

CoverSelf, a San Francisco and Bengaluru-based cloud platform for healthcare, said on Friday that it has secured $4.8 million (about Rs 37 crore) in initial investment from BEENEXT and 3one4 Capital.

The platform intends to use the new funds to grow its presence in the United States by ramping up operations and expanding its sales, product, and technical teams.

CoverSelf, which was founded in 2021, is a platform for healthcare claims and payment integrity, offering a framework for innovation while eliminating administrative waste and duplication of efforts, according to a statement from the company.

Rajasekhar Maddireddy, the founder of CoverSelf, said, “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. Administrative complexity costs billions annually, an open and collaborative platform can significantly reduce the repetitive administrative costs.” 

Raghavendra Pawar, the company’s co-founder, said that they would utilize the funds to expand their platform, scale their operations, and expand their sales, product, and technology teams, in addition to entering the United States.

BEENEXT was founded in 2015 as a venture capital business that invests in early-stage technology companies from India, Southeast Asia, Japan, and the United States.

The Indian healthcare industry has been attracting investment interest for some time. A-League led a seed fundraising round for the preventative healthcare diagnostics firm Healthledger Diagnostics at the beginning of this month. In a series A fundraising round headed by B Capital Group, Alpha Digital Health Pvt. Ltd., which manages the health tech firm Mojocare, received $20.6 million last month.

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