On 7th January 2025, Consint.AI, a healthcare insurance fraud and risk management company driven by Generative AI, announced the successful completion of a seed funding round, raising Rs 5 crore. The investment round was led by Equanimity Ventures and Seafund, marking a significant step for the company as it aims to expand its operational capabilities and innovate within the healthcare sector.
Founded in 2020 by Ashish Chaturvedi, who serves as the CEO, along with co-founder Swadeep Singh, Consint.AI focuses on utilising advanced technologies to tackle critical issues in healthcare transactions, especially those related to insurance claims processing and fraud detection. The capital raised from this funding round is earmarked for scaling operations, enhancing sales outreach, and turbocharging the development of its Generative AI Feature Suite for its Health AI Platform. This Suite is aimed at improving fraud detection, streamlining claims processing, and providing more personalized clinical care to advance innovation in the healthcare domain.
Manoj Agarwal, Managing Partner at Seafund, commented on the company’s focus, stating: “Our focus on emerging tech like GenAI, deep tech, IoT and sustainability has been the guiding force when it comes to backing unique and innovative startups. Consent.AI’s laser sharp focus on solving the problem of healthcare insurance claims processing and fraud detection improving performance of Insurance and Healthcare institutions is a multi-billion dollar problem to solve and we believe that we have the necessary expertise and network to help the company grow and reach its ambitions.”
The company has seen impressive traction in the past year, expanding into key markets such as India, the Middle East, and Africa. This expansion includes the launch of CIPHR.ai, an AI-driven platform specifically designed for hospitals. CIPHR.ai is built on custom generative AI models to enhance patient management and optimise claims generation, thereby improving the efficiency of healthcare providers. As noted in reports, the platform also aims to cater to the needs of the U.S. Accountable Care Organisation (ACO) sector.
In recent months, Consint.AI has secured contracts exceeding INR 10 crore, including multiple multi-year agreements with prominent insurance providers and hospital systems, indicative of strong market validation for its innovative offerings in Generative AI and Document Forensics. These partnerships highlight the growing demand for cutting-edge healthcare solutions and underscore the company's commitment to innovation.
Chaturvedi further elaborated on the company’s goals, stating, “This current market traction and milestones highlight the transformative potential of Generative AI in reshaping healthcare as we know it. At Consint, we are pioneering GenAI-driven platforms like CIPHR.ai and Risk.ai to solve complex challenges in healthcare transactions and personalized care. Our focus remains on advancing our Generative AI capabilities to drive innovation, deliver impactful solutions, and empower businesses globally to achieve seamless operations and value-based care. This funding accelerates our mission to lead the charge in AI-powered healthcare transformation.”
Going forward, Consint.AI plans to enhance its Risk.ai platform, aiming to facilitate seamless transactions in emerging InsurTech markets. The company is also targeting the U.S. market with strategic initiatives designed to establish a strong product-market fit for the CIPHR.ai Provider Platform, aligning its Generative AI solutions with the needs of healthcare providers and ACOs. Through these efforts, Consint.AI anticipates solidifying its presence in crucial markets and driving sustainable growth.
With a vision to transform the extensive $600 billion healthcare transaction market, Consint.AI is strategically aiming for a rapid fourfold year-on-year business growth. The company is focused on expanding its Risk.ai product in both private and public insurance sectors across the Asia-Pacific and Middle East and Africa regions, positioning itself as a leader in the healthcare technology landscape.
Source: Noah Wire Services