France-based Health insurtech firm Qantev, an advanced AI-powered platform for health and life insurance, has raised €30 million in a new funding round led by Blossom Capital, with participation from existing investors Elaia, Omnes and RAISE Venture.
With this new capital, the company plans to focus on three key areas – enhance the platform, recruit top talent, and expand globally.
Also Read: Healthtech firm Rezilient Health raises $10 mn led by Govo Venture
“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,” Tarik Dadi, CEO and co-founder of Qantev, said in a statement.
“With Blossom Capital joining our already esteemed cap table of investors, we’re excited to continue expanding our global footprint and keep innovating,” he added.
As mentioned by the company, global medical costs alone are projected to see near double-digit (9.9 per cent) increases by the end of the year and 58 per cent of insurers are concerned these costs will rise further by 2027.
Currently, this sector is projected to reach $2.38 trillion by the end of 2024.
“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,” said Ophelia Brown, Founder at Blossom Capital.
Also Read: Healthtech startup Sunfox Technologies secures Rs 15 cr led by Venture Catalysts
Founded in 2019, the platform uses historical claims data to understand patient journeys and behaviours in individual markets before helping insurers across regions make faster, more accurate decisions.