GenAI-powered Healthtech Startup ‘Consint.AI’ Raises Rs 5 Crore in Funding
Generative AI seems like the new wave that everyone wants to ride. For the past few years, the AI sector has been attracting significant attention from investors on a large scale. In India, Generative AI-based healthcare insurance fraud and risk management startup Consint.AI has raised INR 5 crore in funding. This seed round was co-led by Equanimity Ventures and Seafund.
Founded in 2020, the company will mainly channelise this fresh fund towards expanding its operations, including team expansion, infrastructure advancements, and R&D. At the same time, Consint.AI also plans to use the funds for further development of its Generative AI Feature Suite to enhance its Health AI platform.
Consint.AI was set up by Ashish Chaturvedi and later joined by Swadeep Singh as co-founder. The company primarily seeks to optimize healthcare claims transactions through its generative AI-driven product suite. In simple words, the Noida-headquartered company aims to make healthcare insurance more accessible by simplifying claim processes and clinical decision-making, ensuring coverage for everyone.
Consint.AI Fresh Fundriase
Consint.AI has claimed to have expanded its footprint in India and beyond, including the Middle East and Africa, over the past year. The company asserts that its platforms, such as Risk.ai and CIPHR.ai, are transforming the healthcare insurance landscape. Risk.ai is designed to streamline insurance transactions and reduce fraud. Meanwhile, CIPHR.ai focuses on improving critical patient management and simplifying claims generation, making the entire process more affordable and efficient.
The capital raised will be deployed to scale operations through expanded sales outreach and accelerate the development of the Generative AI Feature Suite for the Health AI Platform. This includes enhancing fraud detection, optimizing claims processing, and delivering personalized clinical care to drive innovation in healthcare, the company said in a statement.
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While Consint.AI applies Generative AI in healthcare insurance fraud detection, other Indian startups like Jivi (AI for diagnosis), Spintly (AI for smart buildings), and BlackCarrot (AI for patient care) are also making advances in healthcare AI. Based on data from Statista, the global AI in the healthcare market was valued at approximately $11 billion three years ago. It is now projected to reach $188 billion by 2030, with a compound annual growth rate (CAGR) of 37 percent from 2022 to 2030.
