Basys.ai, a Cambridge, MA-based healthtech startup, raised $2.4 million in a pre-seed funding round led by Nina Capital.
Other investors in the funding round include Eli Lilly & Co., Mayo Clinic, Two Lanterns Venture Fund, Asset Management Ventures, and Chaac Ventures.
This funding will enable basys.ai to further its mission of empowering payers to streamline processes like prior authorization and utilization management.
basys.ai’s platform engine, trained on over 10 million patient records and claims, automates payer policy encoding through generative AI, which allows basys.ai to achieve target savings with partners up to nine months faster than its competitors.
"Streamlining prior authorization is fundamental to achieving optimal care delivery.” said co-founder and CEO of basys.ai, Amber Nigam. “basys.ai is assisting health plans in reducing administrative burden and expenditures while improving transparency for members and providers. Our solution’s dual focus on efficiency and transparency ensures health plan compliance with pending CMS, Congress, and State legislation regulating prior authorization. This funding round positions us to facilitate positive change for health plans nationwide."
By implementing objective, data-driven approvals, basys.ai aligns the incentives of key stakeholders in the prior authorization process to prioritize member interest. basys.ai plans to leverage its funding to expand strategic partnerships with health plans.
Company: Basys.ai Inc.
Raised: $2.4M
Round: Pre-Seed Round
Funding Month: August 2023
Lead Investors: Nina Capital
Additional Investors: Eli Lilly & Co., Mayo Clinic, Two Lanterns Venture Partners, Asset Management Ventures, and Chaac Ventures
Company Website: https://www.basys.ai/
Software Category: Healthcare Software
About the Company: Founded in 2022 by Amber Nigam and Jie Sun, basys.ai is a healthcare platform that leverages generative AI to streamline prior authorization and utilization management. Through its platform, basys.ai enables greater transparency and fosters collaboration among healthcare insurers, providers, and other key stakeholders, with the ultimate aim of driving positive change, reducing administrative and medical costs, and improving healthcare outcomes.
Source: https://www.basys.ai/press-release