Home Artificial Intelligence Insurtech startup Fedo raises US$ 1M in pre-Series A funding

Insurtech startup Fedo raises US$ 1M in pre-Series A funding

Indian Startup


Bengaluru, India-based insurtech startup, Fedo has raised US$ 1M in a pre-Series A funding round held in October 2020, led by Unicorn India Ventures. Other participants in the funding round include SEA fund and Ashish Mehrotra, ex-MD and CEO of Max Bupa.

Proceeds from the funding round will be utilized by Fedo to augment the computer vision competencies for non-intrusive identification of health hazards for various use cases demanding health evaluation and to also create bespoke insurance products.

Founded in 2017 by Prasanth Madavana and Arun Mallavarapu, Fedo has created an artificial intelligence-driven platform that uses deep tech and medical research to automate underwriting in the health and life insurance sector. It uses computer vision and AI algorithms to help insurers improve sales, decrease costs, and enhance the quality of their portfolio. It evaluates the insurance seekers’ profiles and gives them a ‘Fedo Score,’ a patented health score developed by medical professionals and data scientists.

Fedo will be launching the world’s first-ever image-based underwriting platform this year that would enable insurance onboarding in less than 60 seconds. It also plans to use the funds raised in commencing operations in South East Asia and Australia this year. CEO Prasanth Madavana said that with the help of their technology, they intend to help insurance companies recommend better and more appropriate products to claimants which will benefit both the stakeholders when it comes to processing claims. He further added that their goal is to bridge all the gaps that presently exist in the insurance journey of an individual and the companies and use technology to automate the absent links.

Fedo’s vision is to offer artificial intelligence-based solutions to insurance providers, by reducing unnecessary expenditures of individuals and making insurance accessible, cost-efficient, and customized for everyone.

About Unicorn India Ventures

Headquartered in Mumbai, India, Unicorn India Ventures is an early-stage venture capital firm. It invests in and partners with entrepreneurs that are looking to build top-notch market-leading companies by solving real-life problems for end-users or businesses using innovative technology-driven products or services.

In addition to funding the enterprises, it is also committed to working with the founders to build market-leading companies. The widespread operating, financing and entrepreneurial experience of its investing team along with the industry and domain expertise of its network of mentors and advisors are what its portfolio companies can use in their expedition to build success stories.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.



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