Qantev Secures €30M Series B to Develop Targeted AI for Automating Health Insurance Claims

French health insurtech startup Qantev has raised €30 million in a Series B funding round to further develop its specialized artificial intelligence models that are tailored to automate insurance claims processing.

Founded in 2018 by former AXA data scientist Tarik Dadi and doctorate Hadrien de March, Qantev provides software to insurance giants like AXA and Generali that assists in reviewing claims using AI. This helps determine if care is medically necessary, prices are appropriate and bills are legitimate, completing checks faster than human medical staff to lower costs and client churn.

After initially raising a €1.7 million seed from Elaia and a €10 million Series A led by Omnes and Raise Ventures, Qantev’s Series B was oversubscribed led by existing investors Blossom Capital. The fresh capital will be used to double its team by year’s end as it seeks to maintain a technical edge.

While some startups attempt to use large language models for automation, Qantev believes this approach is unsuitable for health insurance where inaccurate decisions could deny necessary care. Its platform instead leverages a suite of specialized models trained on partner data aiming for high precision.

International growth is also planned with expanded offices in Hong Kong serving Asia while pursuing opportunities in North America against competitors like Alaffia Health and Anomaly. Qantev’s large customer base generating new work as subsidiaries adopt the technology is an advantage in longer insurance sales cycles.

Looking ahead, Qantev aspires to become the operating system for its clients’ entire health insurance operations beyond just claims. With its foothold and insights from key partners, underwriting automation could be next in streamlining the industry with the overarching goal of curbing rising healthcare costs through applied artificial intelligence.