Indian Artificial Intelligence startup i3systems has raised $1 Million in Seed Funding in a round led by Unitus Ventures.
The seed-stage investment also saw participation from two of i3systems’ existing list of high net-worth backers – Behram Vakil, founding partner of AZB Partners, one of India’s top law firms, and Jerxis Vandrevala, founder of Sanchez Computers.
The company is expected to use the proceeds from the funding round to partner with the country’s top 20 life and health insurance companies, and process 1 million policies through its digital platform, it said in an official statement.
“Unitus’ funding will enable us to grow our medical data science team to increase the depth of our diagnostic-risk and secondary care evaluation technology. We are also setting up a dedicated customer success team to execute 10 insurance partnerships in India and abroad,” said Mallesh Bommanahal, chief executive of i3 Systems.
The Mumbai-based startup has two flagship products – DataMD, which automates six steps in the medical underwriting process, including, medical reports check, data-digitisation, medical standardisation, medical rules execution, fake-data identification, and straight-through-processing for normal cases, and claims to reduce the entire process from five days to one hour.
The company’s second product – i3Claim converts all hospitalisation documents into digital data and presents it on a special interface to the claim adjudication doctor. It has multiple in-built automations such as identification of missing documents; validation of claim date; isolation of non-payable items etc. i3claim, is currently undergoing validation of its performance on Mediclaim from more than 35, 000 hospitals in India.
“We first met i3 Systems through our StartHealth competition. What resonated well with us was how their medical data science and natural language processing technologies’ could transform India’s microinsurance industry,” said Srikrishna Ramamoorthy, partner at Unitus Ventures.
The latest investment comes less than two weeks after Unitus Ventures, which was formerly known as Unitus Seed Fund, announced the first close of its second fund at Rs 100 crore. Fund-II has a target corpus of Rs 300 crore.
The second fund, which will look to make 25-30 early-stage investments across the healthcare education and the inclusive fin-tech segments, counts Michael & Susan Dell Foundation, Bill Gates, Hemendra Kothari, Ajay Parekh, Pradeep Singh, Pramod Saxena, Padma Chandrasekaran and Ravi Venkatesan, among others, as its Limited Partners.
Prior to its investments i3systems, Fund-II has already backed five other ventures, such as, Awign – a tech platform for businesses to execute tasks, packaged as internships for India’s college workforce, Predible – cloud-based AI-driven productivity solution for for radiology and Utter – a chatbot-based learning platform for digital blue-collar workers.