Health and protection claims management AI-powered platform Qantev has raised €28.5m (£23.8m) in a new funding round led by Blossom Capital, with participation from existing investors Elaia, Omnes and Raise Venture.
The firm said it will use the funds to accelerate research and development to expand the platform and invest in technology to help insurers cut costs and improve patient outcomes.
It will also embark on a global recruitment drive for top tier AI and engineering talent and expand into in key international markets, particularly in North America and Asia.
Today, Qantev powers the claims processes of customers in 12 countries from the US to Mexico, to Asia.
The company has teams in Paris, Hong Kong and the UK and has more than doubled its headcount over the past 12 months.
This latest funding round takes the total raised by the firm to more than €40m.
Tarik Dadi, CEO and co-founder of Qantev, said: “A perfect storm of increased costs, post-Covid backlogs, chronic diseases, an ageing population, and increased demand means healthcare insurers can no longer keep up with paperwork.
“The growth we have seen at Qantev over the past 12 months is not only a testament to the work our team has done in solving these challenges but also the need for a solution like ours.
“As an operator in the global health insurance sector, I witnessed and experienced the pain points our customers are feeling and we’re using decades of experience to make claims more efficient, accurate and beneficial for all.
“With Blossom Capital joining our already esteemed cap table of investors, we’re excited to continue expanding our global footprint and keep innovating.”
Ophelia Brown, founder at Blossom Capital, added: “Qantev’s laser focus on the soaring health and life insurance market, combined with its deep expertise in AI, insurance, and data analytics makes it best placed to solve the very real, and rising problems being seen across the healthcare industry. Insurers are crying out for technology that can both address the challenges they face and scale in line with their own ambitions.
“This is exactly what Qantev provides.”