VITRAYA TECHNOLOGIES BEGGED A FUNDING OF $5 MILLION IN SERIES A ROUND FROM STARTUPXSEED VENTURES.



By Mahenoor Khan    -   April 9, 2023

DATE OF ANNOUNCEMENT: 29th march 2023

COMPANY'S LEGAL NAME: Vitraya Technologies private Limited

FOUNDERS: Vitraya Technologies was founded by Mrinal Sinha and Ankur Shrivastava in the year 2019

FUNDING TILL DATE: $5 millions

TYPES OF FUNDING: Series A  Round

VALUATION : Not disclosed

INVESTORS:  is backed by 5 investors including StartupXseed Ventures with  Season Two Ventures, Cactus, Xceedance, and the family office of Mankind Pharma.

COMPANY BUSINESS:

  • Vitraya technologies enables automated, real-time payouts and claim settlements between hospitals, healthcare providers, and insurers that offer health insurance products.
  • Health insurance claims are settled in real-time and fraud checks are automated, thus bringing down operational costs, as per the company. It claims to have been scaled to 4000 large and mid-size hospitals within one year of its launch.
  • It is also used by Indian health insurance leaders like STAR, Niva Bupa, CARE Health Insurance, and others.
  • On Vitraya, hospital, patient, and policy data is kept safe with its AI-enabled blockchain technology. It also claims to secure all ends of the data in private blocks where the involved parties can interact safely.
  • With its healthcare insurance settlement platform it looks to improve the patient experience through better settlement systems. Small, medium, and large hospitals can use this technology for easy claim settlement with accuracy, speed, and by safety.
  • The company's platform utilizes smart contracts and blockchain architecture that secures all ends of the data in private blocks detects document and identity forgery, auto-screens all documents against policy codes and gets approvals instantly, enabling clients to safely interact and sign off on a settlement contract.
  • COMMENTS ON LATEST FUNDING:

COMPANY'S VIEW:

Mrinal Sinha, CEO, Vitraya Technologies commented about new strategies and said “ "We developed the Vitraya platform to connect hospitals, insurers, clinics, and patients on a single platform, facilitating faster claim settlements and payouts, easy fraud detection, and reduced operational costs"

 

INVESTORS VIEW:

Ravi Thakur, Co-founding partner, StartupXseed “With the tech proven in the Indian market, we look to expand to global markets”

PURPOSE OF FUNDING:

The funding will be used to hiring skilled resources, global business development, and scaling existing products and technology.