San Francisco-and Bengaluru-based healthtech startup CoverSelf on Friday said it has raised seed funding of $4.8 million (around Rs 37 crore) from BEENEXT and 3one4 Capital.
The platform plans to deploy the fresh proceeds to expand its US footprint, ramping up operations and scaling sales, product and technology teams.
Founded in 2021, CoverSelf is a platform for healthcare claims and payment integrity, providing a foundation for innovation while removing administrative waste and duplication of efforts, it said in a statement.
“The current claims integrity systems are very complex, and the deployed technologies are antiquated. Significant software innovation is needed to address the broken system that is currently creating out-of-control healthcare costs and waste. Administrative complexity costs billions annually, an open and collaborative platform can significantly reduce the repetitive administrative costs,” said Rajasekhar Maddireddy, founder of CoverSelf.
“Claims and payments integrity, i.e., incorrect billing or fraud, alone accounts for over $100 billion of the problem. Now, anyone ever having worked in the US healthcare system, understands its massive complexity. We believe team CoverSelf has assembled a uniquely qualified team to abstract this away and improve healthcare outcomes at reduced prices for patients in the US,” said Dirk Van Quaquebeke, Managing Partner at BEENEXT.
Founded in 2015, BEENEXT is a venture capital firm investing in early-stage technology start-ups from India, Southeast Asia, Japan, and the US.
The healthcare space in India has been gaining investors’ attention for quite sometime now.
Early this month, preventive healthcare diagnostics startup Healthledger Diagnostics, on had raised an undisclosed sum in a seed funding round led by A-League.
Last month, Alpha Digital Health Pvt. Ltd which operates healthtech startup Mojocare, raised $20.6 million in a Series A funding round led by B Capital Group.
