India’s leading AI product company for insurers i3 raised USD1.5M from Unitus Ventures. The startup estimates medical risk and cost of care for its insurers. Their products work seamlessly on digital and unformatted data in complex healthcare and financial documents. The startup intends to use the funds to advance technology that enables seamless adoption of their product across all repetitive business processes in the BFSI industry.

Radha Kizhanattam, Partner, Unitus Ventures commented, “The company is disrupting the traditional way of processing documents and the associated challenges with faulty decisions. Data-centric decision making and digitised processing is the way forward and a necessary step for the insurance industry to reach 800 million people from the current 200 million.”

Dr. Mallesh Bommanahal, co-founder & CEO i3 said, “The shift to digitisation of processes and application of AI is following the trend in adoption of Cloud and RPA technologies. i3 Systems has rapidly grown with enterprise customers who are leaders of the insurance industry and has witnessed huge demand from others recently. With our solutions, i3claim and DataMD, we have processed over 3.5 million health claims and 6 million policy proposals till date. With Unitus Ventures and our new investors backing us, we plan to utilise the funds to grow our AI models portfolio for our customers and increase global footprints. With access to the data and domain knowledge required to build GPT-3 scale artificial intelligence eventually, i3 Systems is here to bolster the Enterprise AI industry.”