Mumbai-based insurance-tech startup i3 Systems has raised $1.5 million from Unitus Ventures in a pre-Series A spherical of funding. The startup plans to make use of the funds to advance its know-how that allows seamless adoption of their product throughout all repetitive enterprise processes within the BFSI business.
Reliance Industries CFO Alok Agarwal and Zhooben Bhiwandiwala, President, Mahindra Partners co-invested together with Unitus Ventures.
Dr Mallesh Bommanahal, Co-founder and CEO, mentioned, “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.”
i3 Systems was conceptualised in 2016 when founders Dr Mallesh Bommanahal and Varzavand Batliwala, noticed that 90 p.c of the info in insurance coverage firms was within the type of free textual content in paperwork. This made the info inaccessible to AI which had the potential to simplify and speed-up processing of insurance coverage claims, the startup mentioned. These could be solved by trendy applied sciences like AI fashions on Cloud, Robotic Process Automation (RPA) platforms, and knowledge analytics instruments, it added.
i3 Systems is an AI product firm for insurers to estimate the medical threat and value of care. The merchandise work on digital and unformatted knowledge in advanced healthcare and monetary paperwork.
The firm mentioned it has efficiently delivered merchandise by means of partnerships with a number of monetary companies organisations and consortiums, to be used instances corresponding to insurance coverage underwriting, medical claims, lending, bill processing, settlement processing, and many others. i3 Systems has partnered with 12 establishments within the BFSI and Technology industries to develop AI merchandise for quite a lot of enterprise processes.