Omar Chebli, CEO
Cambridge-based MedTech and InsurTech firm Kirontech has raised an unspecified growth capital round to help accelerate its goal of fixing the £1 trillion problem of fraud, waste and abuse (FWA) in the global medical payment industry.
The raise was led by Venture Capitalworks, with co-investments from BiG Ventures and Critical Ventures, with PwC Raise | Ventures advising on the deal.
Kirontech’s Artificial Intelligence technology combines in-depth knowledge of the medical industry with leading edge big data and machine learning to detect FWA in payments data at speed, allowing insurance teams to take positive action.
With clients across Europe, the Middle East, Africa and Latin America, the additional funds will help fuel business development efforts, enabling the firm to better serve new and existing clients.
Omar Chebli, co-founder and CEO of Kirontech, said: “Fraud, wastage and abuse in the medical payments industry is directly affecting patient care. We have seen first-hand the impact that our software has already had, allowing providers to divert money and attention to where it always must go – those in need.”
“We are extremely grateful to our investors and partners for supporting this vision and look forward to continued growth in 2023 and beyond.”
Omar and co-founder Tom Nygren left roles in the financial services industry, recognising that data analytics solutions must solve a problem, rather than simply offer services.
Chebli added: “When developing the product we wanted to find an area that we could make a real impact. The scale of the problem in FWA is huge, but one we are confident in solving.”
Kirontech solves a significant unresolved market problem in medical fraud, waste and abuse leakages. Technology solutions are now essential to medical payers managing and reducing wastage and costs, while also delivering positive environmental outcomes and inclusion to healthcare.