Vitraya Technologies, a technology platform that enables automated claims decision-making for insurers and real-time payouts to providers, has raised $4.1 million in a Series A funding round led by Xceedance, a global provider of digital transformation solutions, technology, and analytical services to the insurance industry.
Incorporated in 2018, The startup is revolutionizing claims decision-making and settlements in health insurance. Its holistic solution addresses the pain points of both hospital administrators and insurance companies.
The platform uses AI and blockchain technologies to automate payment integrity, medical coding, and benefits administration for insurers. The automation ensures easy claims documentation and filing, reduced errors, document and information completeness, and minimal processing time for healthcare providers and insurance claims processors.
Vitraya said that its solutions reduced claims administration costs, better process transparency, and improved efficiency. Insurers report reduced processing costs and lower fraud losses.
“The work Vitraya Technologies is doing to enable claims decisioning and payments in health insurance is impressive, making the decision to fund the organization at this early stage an easy one,” said Arun Balakrishnan, CEO at Xceedance. “At Xceedance, we have made multiple investments in innovative insurtech organizations across global insurtech markets, but this is the first time we have targeted an India-based company. I look forward to being involved as Vitraya expands to serve larger segments of health insurance globally, starting with the Indian insurance and healthcare markets.”
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