Vitraya Technologies, a Mohali-based healthcare claim settlement platform, has raised $5 million in a Series A round led by business-to-business (B2B) venture capital fund StartupXseed Ventures.
The funding round also saw participation from Season Two Ventures, Cactus, Xceedance, and the family office of Mankind Pharma.
As per the startup, the raised funds will be used towards hiring skilled resources, global business development, and scaling existing products and technology.
Vitraya Technologies | Healthcare Claim Settlement Platform
Founded by Mrinal Sinha in 2019, Vitraya Technologies is a Mohali-based healthcare claim settlement platform that enables automated, real-time payouts and claims settlement between hospitals/healthcare providers and insurers who offer health insurance products to consumers and businesses.
The technology platform utilizes smart contracts and blockchain architecture to enable this automation. Vitraya Technologies, with its AI-enabled blockchain technology, keeps hospital, patient, and policy data safe. The healthcare claim settlement platform also claims to secure all ends of the data in private blocks where the involved parties can interact safely.
Speaking about the development, Mrinal Sinha, Founder and CEO of Vitraya Technologies, said,
“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.”
As per the startup, health insurance claims are settled in real-time and fraud checks are automated, thus bringing down operational costs.
With its healthcare insurance settlement platform, the Mohali-based startup looks to improve the patient experience through better settlement systems. The healthcare claim settlement platform can be used by small, medium, and large hospitals for easy claim settlement with accuracy, speed, and safety.
Vitraya Technologies claims to have scaled to 4000 large and mid-size hospitals within one year of its launch. The Mohali-based is also used by Indian health insurance leaders like STAR, Niva Bupa, CARE Health Insurance, and others. Earlier this year, the Mohali-based startup reported a $4.1 Mn infusion from StartupXseed Ventures, as per its regulatory filings.
Last week, Reveal HealthTech, a healthtech SaaS platform, raised $4 Mn in a seed funding round from W Health Ventures.
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