i3 Systems has now secured $1.5 million from the Unitus Ventures in a pre-series A funding round.
The startup plans to use the new funds to advance is a technology that enables seamless adoption of their product across all repetitive business processes in the BFSI industry.
Reliance Industries CFO Alok and Zhooben Bhiwandiwala, President, Mahindra Partners co-invested along with the Unitus Ventures.
Dr Mallesh Bommanahal, Co-founder and CEO, said,
“With our solutions, i3claim and DataMD, we have processed over 3.5 million health claims and 6 million policy proposals till date. With Unitus Ventures and our new investors backing us, we plan to utilise the funds to grow our AI models portfolio for our customers and increase global footprints.”
“The company is disrupting the traditional way of processing documents and the associated challenges with faulty decisions. Data-centric decision-making and digitised processing is the way forward and a necessary step for the insurance industry to reach 800 million people from the current 200 million,” added Radha Kizhanattam, Partner, Unitus Ventures.