Founded by IIT Alumni Dr Mallesh Bommanahal, Varzavand Batliwala, and Ravi Chandibhamar, in 2016, i3Systems builds machine learning solutions for healthcare businesses.
Healthcare machine learning product company, i3systems, with a focus on insurance clients, has secured $1 million in equity investment deal from Unitus Ventures. The round also saw participation from Behram Vakil, founding partner of AZB Partners, one of India’s top law firms, and Jerxis Vandrevala, founder of Sanchez Computers.
The company plans to use the freshly secured funds to partner with country’s top 20 life and health insurance companies, and process 1 million policies through its digital platform
Speaking on investment in i3Systems, Srikrishna Ramamoorthy, partner at Unitus Ventures, said, “We first met i3 Systems through our StartHealth competition. What resonated well with us was how their medical data science and natural language processing technologies’ could transform India’s microinsurance industry.”
Founded by IIT Alumni Dr Mallesh Bommanahal, Varzavand Batliwala, and Ravi Chandibhamar, in 2016, i3Systems builds machine learning solutions for healthcare businesses. The startup’s first product, DataMD automates Health/Life insurance underwriting, and creates a real-time structured database which in turn is useful in advanced analytics, accurate health-risk prediction, fraud identification and superior customer experience for App-driven healthcare companies.
The latest investment comes less than two weeks after Unitus Ventures, which was formerly known as Unitus Seed Fund, announced the first close of its second fund at Rs 100 crore. Fund-II has a target corpus of Rs 300 crore.
According to a recent report by NASSCOM, investments in healthcare tech segment has seen a growth of 129 percent increase in investments from $70 million in FY 17 to $160 million in FY 18.
The second fund which plans to invest in 25-30 startups across healthcare education and other segments includes players like Michael & Susan Dell Foundation, Bill Gates, Hemendra Kothari, Ajay Parekh, Pradeep Singh, Pramod Saxena, Padma Chandrasekaran and Ravi Venkatesan as its core partners.
Prior to its investments i3systems, Fund-II has already backed five other ventures, such as, Awign – a tech platform for businesses to execute tasks, packaged as internships for India’s college workforce, Predible – cloud-based AI-driven productivity solution for for radiology and Utter – a chatbot-based learning platform for digital blue-collar workers.