Unitus Ventures invests $1 million in AI startup i3systems

NEW DELHI: Unitus Ventures has led a $1 million (Rs 6.75 crore) in healthcare and life insurance-focused artificial intelligence startup i3systems, the marquee impact investment firm announced on Wednesday. The seed-stage investment also saw participation from two of i3systems' existing list of high net-worth backers - Behram Vakil, founding partner of AZB Partners, one of India's top law firms, and Jerxis Vandrevala, founder of Sanchez Computers. The company is expected to use the proceeds from the funding round to partner with the country's top 20 life and health insurance companies, and process 1 million policies through its digital platform, it said in an official statement. "Unitus' funding will enable us to grow our medical data science team to increase the depth of our diagnostic-risk and secondary care evaluation technology. We are also setting up a dedicated customer success team to execute 10 insurance partnerships in India and abroad," said Mallesh Bommanahal, chief executive of i3 Systems.