Vitraya Technologies, based in Mohali, has raised $5 million in a Series A round of funding from investors including the family office of Mankind Pharma, Season Two Ventures, Cactus, and business-to-business (B2B) venture capital fund StartupXseed Ventures.

The company would invest money in employing qualified personnel, expanding internationally, and scaling up current products and technological advancements. According to its regulatory filings, the company claimed an investment of $4.1 million from StartupXseed Ventures earlier this year.

"We developed the Vitraya platform to connect hospitals, insurers, clinics, and patients on a single platform, facilitating faster claim settlements and payouts, easy fraud detection, and reduced operational costs," said Mrinal Sinha, CEO, Vitraya Technologies.

Founded by Sinha in 2019, Vitraya technologies enables automated, real-time payouts and claim settlements between hospitals, healthcare providers, and insurers that offer health insurance products. Health insurance claims are settled in real-time and fraud checks are automated, thus bringing down operational costs, as per the company.

It claims to have been scaled to 4000 large and mid-size hospitals within one year of its launch. It is also used by Indian health insurance leaders like STAR, Niva Bupa, CARE Health Insurance, and others.

Vitraya's AI-enabled blockchain technology protects hospital, patient, and policy data. Additionally, it asserts that all data endpoints are stored in secure blocks that permit private communication between all participants.

It seeks to enhance the patient experience through better settlement procedures through its healthcare insurance settlement platform. This system enables quick, accurate, and safe claim settlement for small, medium, and big hospitals. As a result of the technology's success in the Indian industry, Ravi Thakur, a co-founding partner of StartupXseed, said, "We intend to extend to global markets."