i3 Systems, an insurance-tech startup based in Mumbai, announced that it has raised $1.5 million pre-Series A funding from Unitus Ventures.
Other investors that participated in the funding round are Alok Agarwal, CFO at Reliance Industries, Zhooben Bhiwandiwala, President, Mahindra Partners.
The startup plans to use the funds to advance its technology that enables seamless adoption of their product across all repetitive business processes in the BFSI industry.
Founded in 2016 by Mallesh Bommanahal, Ravi Chandibhamar and Varzavand Batliwala, i3 Systems is an AI product company for insurers to estimate the medical risk and cost of care. The products work on digital and unformatted data in complex healthcare and financial documents.
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.
The company said it has successfully delivered products through partnerships with multiple financial services organisations and consortiums, for use cases such as insurance underwriting, medical claims, lending, invoice processing, agreement processing, etc. i3 Systems has partnered with 12 institutions in the BFSI and Technology industries to develop AI products for a variety of business processes.
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