The fintech platform CoverSelf, which focuses on healthcare, raised $8.2 million in a seed fundraising round led by its current investors, BEENEXT and 3one4 Capital.
The new financiers in the round included giants in the healthcare industry as well as Z21 Ventures.
CoverSelf’s cofounder Maddireddy 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.”
According to the business, it will use the additional funds to expand operations, develop generative AI capabilities, and hire more people in the marketing and sales teams, as reported by Inc42.
CoverSelf’s Payment Integrity Platform, which was established in 2021, uses cutting-edge technology to solve payment leakage and inaccurate claims while continuing to be transparent and available to payers.
CoverSelf’s technology empowers health insurance compensation authenticity teams to effectively resolve claims alongside hospitals and medical practises.
It was designed to decrease administrative waste and find additional savings. It lets teams create their own policies and logic in plain English or utilising policy-specific templates without worrying about IP. In order to expand, the business received $4.8 million last year from BEENEXT and 3one4 Capital.
Built from the ground up for healthcare-specific use by passionate domain experts and strong technology professionals with decades of experience in addressing the pain points faced by Providers and Payers when dealing with the latest technological advancements, CoverSelf represents a generational leap forward in healthcare claims and Payment Integrity architecture.