CoverSelf Raises $4.8 Mn From Beenext, 3one4 Capital
CoverSelf, a San Francisco-and Bengaluru-based healthtech startup, has raised $4.8 million (around Rs 37 crore) in seed funding from BEENEXT and 3one4 Capital.
As per the startup, the raised funds will be used to expand its US footprint, ramp up operations and scale sales, product and technology teams.
CoverSelf | Healthtech Platform
Founded by Rajasekhar Maddireddy and Raghavendra Pawar in 2021, CoverSelf is a platform for healthcare claims and payment integrity in order to reduce duplication.
Speaking about the development, Rajasekhar Maddireddy, founder of CoverSelf, said,
“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.”
CoverSelf empowers payers with a NEXT-GEN cloud-native, holistic & customizable platform preventing and adapting to the ever-evolving claims & payment inaccuracies.
The platform claims to enable accurate and quick settlement of healthcare claims, designed for the US healthcare system.
Commenting on the development, Dirk Van Quaquebeke, Managing Partner at BEENEXT, said,
“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.”
Over the years, the healthcare space in India has been gaining investors’ attention. Last month, veteran entrepreneur Nihar Parikh launched a $75 million healthcare-focused fund-4Point0 Health Ventures to back early and growth-stage Indian startups working in the healthcare segment.
The fund will invest between $1 Mn and $2 Mn in seed to Series B financing rounds.