Mumbai-based i3systems, a healthcare machine learning product company, with a particular focus on the insurance clients, has raised $1 million (Rs 6.75 crore) from Unitus Ventures, a marquee impact investment firm.
The other investors who participated in the round includes two of startup’s existing investors — Behram Vakil, founding partner of AZB Partners, one of India’s top law firms, and Jerxis Vandrevala, founder of Sanchez Computers.
The startup will use the freshly raised funds towards partnering with the country’s top 20 life and health insurance companies, and process 1 million policies through its digital platform.
Founded in 2016 by IIT-Bombay alumni – Dr Mallesh Bommanahal, Varzavand Batliwala, and Ravi Chandibhamar (IIT-Hyderabad), i3Systems builds machine learning solutions for healthcare businesses. The startup’s first product, DataMD automates Health/Life insurance underwriting, and creates a real-time structured database which in turn is useful in advanced analytics, accurate health-risk prediction, fraud identification and superior customer experience for App-driven healthcare companies.
Speaking on investment in i3Systems, Srikrishna Ramamoorthy, partner at Unitus Ventures, said, “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
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.
Last December, health-tech startup KiViHealth raised $400K funding from Claris Capital and Chandigarh Angels.
Speaking about funds for early-stage startups working in healthcare, recently India’s largest hospital chain Apollo Hospitals has launched seed fund for healthcare startups in India. According to a report published by Nasscom in last November, funding in healthcare tech segment has witnessed 129% increase in funding from $70 million in FY17 to $160 million in FY18. Attributing to the increased traction in these segments to innovation.
Via – Economic Times