Worcester tech firm joins $4M investment in India-based blockchain platform
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Worcester insurtech firm Xceedance is among a consortium of investors to provide $4.1 million to Vitraya Technologies, a blockchain company based in Punjab, India.
Vitraya is building out a blockchain-based tech platform to enable automated, real-time payouts and claims settlements between hospitals, healthcare providers, and insurers who offer health insurance products to consumers and businesses, according to a Thursday press release from Xceedance.
Blockchain is the technology making cyptrocurrencies like BItcoin possible. The blockchain is essentially an electronic ledger that records transactions and tracts assets, and it has been used for multiple cryptocurrencies and non-fungible tokens.
Healthcare systems utilizing solutions from Vitraya Technologies report reduced claims administration costs, better process transparency, and improved efficiency. Insurers report reduced processing costs and lower fraud losses, according to the press release.
“The work Vitraya Technologies is doing to enable claims decisioning and payments in health insurance is impressive, making the decision to fund the organization at this early stage an easy one,” Xceedance CEO Arun Balakrishnan said in the press release. “At Xceedance, we have made multiple investments in innovative insurtech organizations across global insurtech markets, but this is the first time we have targeted an India-based company.
In September, Xceedance, which has offices in London, Poland, Liechtenstein, and Australia, moved its headquarters from Boston to Worcester.
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