Vitraya Technologies Secures $5 Million in Series A Funding Round Led by StartupXseed Ventures
- ByStartupStory | March 29, 2023
Vitraya Technologies, located in Mohali, has secured $5 million in a Series A funding round. The round was spearheaded by StartupXseed Ventures, a B2B venture capital firm, with the involvement of Season Two Ventures, Cactus, Xceedance, and Mankind Pharma’s family office.
As per a statement issued by the company, it plans to invest capital in hiring skilled personnel, expanding its global business operations, and expanding its existing products and technology.
According to its regulatory filings, the company received a funding of $4.1 million from StartupXseed Ventures earlier this year.
“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.
Vitraya technologies, established by Sinha in 2019, facilitates instantaneous and automated settlements of claims and payouts among healthcare providers, hospitals, and insurance companies that offer health insurance products. The company asserts that its real-time settlement of health insurance claims and automated fraud detection processes have resulted in reduced operational expenses. Within a year of its inception, the company has extended its services to about 4,000 major and medium-sized hospitals. Additionally, leading health insurance companies in India such as STAR, Niva Bupa, and CARE Health Insurance also employ its services.
Vitraya utilizes blockchain technology with AI capabilities to safeguard hospital, patient, and policy information. Its private blocks allow secure interactions between parties involved in the data exchange. Additionally, Vitraya’s healthcare insurance settlement platform aims to enhance the patient experience by providing a seamless, accurate, and fast settlement system for insurance claims. Hospitals of all sizes can leverage this technology for efficient and secure claim settlement.
“With the tech proven in the Indian market, we look to expand to global markets,” said Ravi Thakur, Co-founding partner, StartupXseed.
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