09 May 2018, India:
i3Systems has raised $1 million in a fresh round of funding. The funding round was led by Unitus Ventures. Angel investors Behram Vakil (Founding Partner of AZB Partners) and Jerxis Vandrevala (Founder of Sanchez Computers Inc. and Zenta) also participated in the funding round.
The fresh capital be used to to partner with the country’s top 20 life and health insurance companies, and process 1 million policies through its digital platform.
Srikrishna Ramamoorthy, Partner at Unitus Ventures said, “We first met i3Systems 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. This was very aligned with Mallesh and Varzavand’s vision for the business and led us to invest in them.”
Mallesh Bommanahal, CEO of i3systems said, “Unitus’ funding will enable us to grow our medical data science team to increase the depth of our diagnostic-risk and secondary care evaluation technology. We are also setting up a dedicated customer success team to execute 10 insurance partnerships in India and abroad.”
i3Systems was founded by Mallesh Bommanahal, Varzavand Batliwala, and Ravi Chandibhamar in 2016. It is a healthcare machine learning product company, with a particular focus on the insurance clients.
(Image – crunchbase)