AI-Powered SaaS Startup RapidClaims Raises $8 Million in Series A Funding

In addition to its Series A funding, RapidClaims disclosed that it had previously raised $3 million (INR 25.6 crore) in an unannounced seed round.

AI-driven SaaS startup RapidClaims has raised $8 million (INR 68 crore) in a Series A funding round led by venture capital firm Accel. The round also saw participation from Together Fund.

The Bengaluru-based healthtech startup plans to utilize the fresh capital to enhance its technology stack, strengthen its product offerings, and accelerate its go-to-market (GTM) strategy.

A portion of the funds will also support the expansion of its sales and marketing teams to drive growth.

In addition to its Series A funding, RapidClaims disclosed that it had previously raised $3 million (INR 25.6 crore) in an unannounced seed round.

Investors in this round included industry leaders such as Oscar Benavidez from Massachusetts General Hospital, Matthew Zubiller of e4health, Infinitus CEO Ankit Jain, and Sachin Jain.

Automating Revenue Cycle Management in Healthcare

Founded in 2023 by Dushyant Mishra, Abhinay Vyas, and Jot Singh, RapidClaims specializes in AI-powered revenue cycle management (RCM), helping healthcare providers automate critical processes like patient registration, insurance verification, and claims submission. The company offers several AI-driven solutions:

RapidCode – an autonomous coding tool that streamlines medical coding.

RapidCDI – a solution for enhancing clinical documentation and improving accuracy.

RapidScrub – a tool for identifying and correcting errors in medical claims, reducing claim denials and preventing revenue losses.

The company serves a diverse client base, including Federally Qualified Health Centers (FQHCs), physician groups, outpatient facilities, and ambulatory surgery centers.

RapidClaims CEO Dushyant Mishra emphasized that their multi-specialty AI solution differentiates them from other specialty-focused healthcare RCM tools.

Expansion Plans & Market Potential

Looking ahead, RapidClaims plans to expand into claim adjudication and end-to-end revenue cycle segments.

The startup reports a 6X growth over the past four months and currently serves a double-digit client base.

With expectations of 5X growth in the coming quarters, the company is actively working to onboard multiple healthcare groups onto its platform.

RapidClaims operates in the global revenue cycle management (RCM) industry, a sector projected to reach $451.29 billion by 2034.

The startup faces competition from major global players such as Athenahealth, ModMed, CareCloud, and Waystar but aims to carve out its niche with advanced AI-powered automation solutions.

Stay tuned for more such updates on Digital Health News.