Mohali-headquartered Vitraya Technologies has raised $4.1 Million in its Series A funding round led by Xceedance.

Founded in India, Vitraya Technologies eyes to ease claims decision-making and settlement process in health insurance. The company uses a holistic solution addresses the pain points of both hospital administrators and insurance companies. 

The platform uses AI and blockchain technologies to automate payment integrity, medical coding, and benefits administration for insurers. As per the company statement, the automation ensures easy claims documentation and filing, reduced errors, document and information completeness, and minimal processing time for healthcare providers and insurance claims processors.

“The work Vitraya Technologies is doing to enable claims decisions and payments in health insurance is impressive, making the decision to fund the organization at this early stage an easy one,” said Arun Balakrishnan, chief executive officer at Xceedance. 

“At Xceedance, we have made multiple investments in innovative insurtech organizations across global insurtech markets, but this is the first time we have targeted an India-based company. I look forward to being involved as Vitraya expands to serve larger segments of health insurance globally, starting with the Indian insurance and healthcare markets,” he added. 

“This strategic investment from Xceedance is an important enabler for Vitraya,” said Mrinal Sinha, chief executive officer at Vitraya.

 “Xceedance is a trusted name in the digital transformation of insurance. Working together with Xceedance, we look forward to making insurance claims processing efficient and fraud-proof across the world,” he added.