Medical billing artificial intelligence service iFrameAI has attracted investments from Igor Ryabenky’s AltaIR Capital. Med.Report founder Vladislav Panin announced the deal to RB.RU.
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“Yes, we recently closed a round with Aurelia Ventures and AltaIR Capital,” Vladislav Panin said, without disclosing the amount or series of the round.
Med.Report is the largest medical coding (ICD-10) library in Russia. On this basis, the iFrameAI platform was developed to automate the processing of insurance applications: payment to a doctor or medical institution, he explained.
According to Finam analyst Leonid Delitsyn, automating the flow of medical documents has long been of interest to startups and venture investors. The main attractive factor is the potentially huge market, since everyone has a medical card and an insurance policy. For artificial intelligence, the class assignment task is a standard “supervised learning” problem that it solves very well, the expert emphasizes.
“The financial multipliers in this area are very high; It is estimated that companies generate between 40 and 80 times their income. In large markets, even startups that are not yet generating revenue can be valued at hundreds of millions of dollars if they can prove that their technology works. In this case we are probably talking about investments amounting to between 50 and 100 million rubles,” Delitsyn noted.
Vladislav Panin founded Med.Report in February 2022 and is based in Menlo Park. According to BuiltWith, iFrameAI uses Google Maps, IPv6, and Gravatar profiles to function.
iFrameAI has four pricing plans: Basic: It’s free, Basic: $69 per month, Business: $159 per month, Pro: $499. Everyone has their own set of options.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
