New Delhi | 3rd December: Artivatic.ai, an asset-light insurtech and healthtech startup, has raised bridge funding led by Scale Ventures and existing investor IAN. The funding proceeds will be utilized by the startup for research and development by investing in cutting-edge technology solutions, especially aimed at scaling sales and delivery.
Artivatic.ai was founded by Puneet Tandon and Layak Singh in 2017. The idea struck the founders during their stint at COGXIO, a startup that focused on developing an online networking platform based on health and finance. The duo visualized a significant need-gap that made one go through complicated processes when buying insurance products. This prompted them to use technology to build a smart asset-light insurance platform that transforms complex, manual, and legacy processes into simplified, personal, and need-based solutions.
The Bengaluru-based startup aims to provide end-to-end lifecycle-focused products, solutions, and APIs using cutting-edge technology such as AI, ML, and Data Analytics. It empowers healthcare, insurance, broking, and re-insurance businesses as well as developers to re-imagine insurance and health products for the next billion users.
Speaking on the announcement, Padmaja Ruparel, Co-founder, IAN said, “Insuretech is just opening up in India. It’s a space waiting to be disrupted. Artivatic.Ai does just that leveraging AI, to build a well differentiated play in the large fintech space. Layak’s sharp focus on the solution catering to an unmet need makes Artivatic.Ai a category leader.”
Nilesh Rathi, Partner, Scale Ventures, said, “We are very happy to lead the round for Artivatic and co-invest with IAN. We are very impressed by Layak and Puneet’s achievements and their approach to the nascent insurtech industry in India.”
From customer acquisition, lead management, training, agent management, sales and marketing, and distribution to risk assessment, fraud intelligence, smart underwriting, decision making, and claims & branch servicing, Artivatic.ai offers a comprehensive suite of solutions via its 200+ APIs and 6+ core products.
Commenting on the fund raise, Layak Singh, Co-Founder, Artivatic.ai said, “Through Artivatic.ai, our aim is to solve major challenges within the Indian fintech and insurance domain that most existing players were unable to. We have launched multiple business- and consumer-centric products over the years. Our prime focus is on building an end-to-end insurtech and healthcare system for patients, service providers, and insurance payers. We are continuously developing low-cost, modular API infrastructure so that they can reduce their go-to-market time to a few days rather than months. Our pilots have demonstrated more than 50% efficiency and helping enterprises conduct business more intelligently and seamlessly. We envision to provide personalized, risk-based underwriting, claims, and distribution. Artivatic.ai is posed to launch consumer-focused health and insurance products as well in the future.” Over the years, Artivatic.ai has also started operations in the APAC region. In the coming years, the startup focuses to expand its global footprint across the US and European markets