Intelligent Industrial Internet Systems Pvt. Ltd, which operates insurance-technology startup i3 Systems, has raised $1.5 million (about Rs 11 crore) in a pre-Series A funding round.
The Mumbai-based startup raised this capital from investors including early-stage investment firm Unitus Ventures.
The technology-focussed VC firm is an existing investor in the company; it took part in a $1 million round in the company in the mid-2018, according to reports.
Other participants in the pre-Series A round include Reliance Industries Ltd chief financial officer Alok Agarwal and Zhooben Bhiwandiwala, president at Mahindra & Mahindra Ltd investment arm Mahindra Partners. Both invested in their personal capacity.
i3 Systems was set up by Mallesh Bommanahal and Varzavand Batliwala in 2016. The company says its platform uses artificial intelligence to provide insurers with estimates of medical risk and the cost of care.
The startup says its i3claim solution reduces claim processing times to six minutes from over an hour. It also helps slash payment leakages. It claims its platform can automate up to 60% of the policy underwriting process.
i3 Systems will use the pre-Series A capital to enhance its technological infrastructure with the goal of enabling the adoption of its product across all repetitive processes in the banking, financial services and insurance sector.
“Their retention perspectives are their strength, and the team has shown credibility with reliable products and fast core-system integrations,” Bhiwandiwala said.
Unitus partner Radha Kizhanattam added that i3 Systems was using its platform to disrupt traditional methods of processing documents.
The investment firm was set up in 2012 and supports startups operating in sectors such as financial technology and health-technology.
The Seattle- and Bengaluru-based Unitus is also a founding member of the Capria Network, which is an association of emerging market fund managers focussed on scaling social impact ventures while delivering returns.
In April 2018, the firm marked the first close of its second fund at Rs 100 crore (around $15 million), raising money from investors including The Michael & Susan Dell Foundation and Microsoft co-founder Bill Gates.
Some of its recent portfolio additions include software coding platform Masai School, education loan platform Eduvanz, and a staffing company co-founded by former executives of TeamLease Services Ltd.
It has also made some exits – a complete one from the Byju’s-acquired LabInApp and a partial exit from Salesken when it raised money from Sequoia Capital India.