Insurtech Vitraya Secures $4.1 Million Funding Boost From Xceedance
- Vitraya Technologies raises $4.1 million in Series A funding round led by Xceedance and a consortium of investors.
- The Mohali-based startup leverages AI and blockchain technologies to enable automated, real-time payouts and claims settlements between healthcare providers and insurers.
- The global healthcare claims management market is expected to reach $13.93 billion by 2027, driving healthcare providers and insurers’ increasing adoption of digital technologies to automate claims processing and reduce costs.
Vitraya Technologies, a healthcare-focused claim settlement platform, has raised $4.1 million in a Series A funding round led by Xceedance and a consortium of investors. The Mohali-based startup, founded in 2019, enables automated, real-time payouts and claims settlements between healthcare providers and insurers offering health insurance products to consumers and businesses.
The platform leverages AI and blockchain technologies to automate payment integrity, medical coding, and benefits administration for insurers. This automation ensures easy claims documentation and filing, reduced errors, document and information completeness, and minimal processing time for healthcare providers and insurance claims processors.
Xceedance, a US-based provider of digital transformation solutions, technology, and analytical services for the insurance industry, led Vitraya’s funding round. Xceedance assists insurers in launching products, implementing intelligent technology, deploying advanced analytics, and achieving business process optimization.
Vitraya’s technology streamlines the claims process for healthcare providers and insurers, eliminating the need for manual processing and reducing the risk of errors. The platform’s real-time payouts and settlements enable healthcare providers to receive payments quickly, improving their cash flow and overall financial health.
According to a report by Grand View Research, the global healthcare claims management market is expected to reach $13.93 billion by 2027. The increasing adoption of digital technologies drives this growth by healthcare providers and insurers to automate claims processing and reduce costs.
With its innovative use of AI and blockchain technologies, Vitraya is well-positioned to capitalize on this trend and help transform the healthcare claims management industry. The company’s Series A funding round will enable it to expand its platform and reach new customers in the rapidly growing healthcare claims management market.
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