Healthcare-focused claim settlement platform Vitraya Technologies has raised $4.1 million in a Series A funding from Xceedance and a consortium of investors.

Founded in 2019, the Mohali-based Vitraya Technologies’s platform enables automated, real-time payouts and claims settlements between hospitals/healthcare providers and insurers, who offer health insurance products to consumers and businesses.

The company also leverages AI and blockchain technologies to automate payment integrity, medical coding, and benefits administration for insurers.

The automation ensures easy claims documentation and filing, reduced errors, document and information completeness, and minimal processing time for healthcare providers and insurance claims processors.

Xceedance, a US-based digital transformation solutions, technology, and analytical services provider, helps insurers launch products, implement intelligent technology, deploy advanced analytics, and achieve business process optimization.