Fedo, a Bengaluru-based insurtech platform that predicts the health risk profile of individuals from a photo and 5 simple questions, announced that it has raised $1 million in pre-Series A funding round led by Unicorn India Ventures, according to ET report.
A clutch of investors including former Max Bupa managing director & CEO Ashish Mehrotra also participated in the funding round.
Founded by Arun Mallavarapu and Prasanth Madavana, Fedo has built an AI/ML platform that leverages the power of deep tech and medical research to automate underwriting in the health & life insurance sector.
Fedo assesses insurance seekers’ profiles and gives them a ‘Fedo Score,’ a proprietary health score developed by medical professionals and data scientists, the company says.
The company will utilise the funds for entering Australia and Southeast Asia this year.
“With the use of our tech, we can help insurance companies suggest better and more suitable products to applicants which will benefit both the stakeholders when it comes to processing claims. The idea is to address all the gaps that currently exist in the insurance journey of an individual and the companies and use tech to automate the missing links,” Prasanth Madavana, cofounder and CEO of Fedo, said.
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