Vitraya Technologies has recently secured $5 million in funding from a Series A round. The funding was led by StartupXSeed, a B2B Venture Capital fund, and also saw participation from other notable investors such as Season Two Ventures, Cactus, Xceedance, and the family office of Mankind Pharma.
Vitraya Technologies plans to utilize the funds raised to hire talented individuals, expand its business globally, and scale its existing products and technology, as per reported by BW Disrupt.
Read also – Good Glamm Group & Akshay Kumar Join Forces to Promote Men’s Grooming Goods
Vitraya Technologies’ platform is a game-changer with its ability to provide instant claim approval and real-time settlement, resulting in an improved revenue cycle, zero delays in account receivables, and lower administration costs. Furthermore, the platform eliminates the need for documentation and disallowance, which will help insurers streamline their work and improve scalability.
Commenting on securing the funds, Mrinal Sinha, CEO, of Vitraya Technologies, said, “Insurance claims are a global problem, and the health insurance market loses trillions of dollars to claim processing costs and fraud. The United States alone accounts for $350 Billion in claim processing costs. Having faced deep trouble with claim settlement, we developed the Vitraya platform to connect hospitals, insurers, clinics, and patients on a single platform facilitating faster claim settlements and payout, easy fraud detection, and reduced operational costs. We scaled to 4000 large and mid-size hospitals within 1 year from launch and are rapidly growing. StartupXseed’s Investment is a validation of our vision and will further open doors in the Indian healthcare and insurance ecosystem and help with global expansion.”
Read also – [Funding alert] Samantha Ruth Prabhu backs superfood company Nourish You
Mrinal Sinha founded Vitraya Technologies in 2019 to facilitate automated, real-time payouts and claim settlements for hospitals, healthcare providers, and insurers offering health insurance products. The company has developed advanced AI-based technology that can underwrite and make claims decisions in just one millionth of a second, enabling hospitals to receive their cash settlements immediately from insurers upon discharge.
Ravi Thakur, the Co-founding partner at StartupXseed, commented, “Despite the rapid growth of insurance in India, customer orientation and empathy are sore points, particularly in health insurance. Vitraya’s revolutionary technology that settles claims within 1-millionth of a second transforms the health insurance customer experience. We have been tracking this space for some time and then decided to back Mrinal to lead the tech future of health insurance. With the tech proven in the Indian market, we look to expand to global markets.”
Read also – [Funding alert] Fashion Supply Chain Fashinza Secures Fresh Debt Round
About Vitraya Technologies
To facilitate automated, real-time payments and claims settlement between hospitals and healthcare providers, and insurers who supply health insurance products to individuals and businesses, Vitraya Technologies Private Limited is developing a software platform. This automation is made possible by the technological platform’s use of smart contracts and blockchain technology.
