AI powered fraud detection starup, FraudScope secured $7 Million in funding

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FraudScope

FraudScope, an Atlanta based AI platform for health plans, has secured $7 million in Series A funding round.

FraudScope is founded by the Musheer Ahmed. It offers AI-driven health fraud detection solutions designed to proactively monitor and identify claims as soon as they emerge, which helps to maximize savings. To date, the company has secured a total of $10.5 million in five funding rounds, according to the announcement.

Executive Opinion

Musheer Ahmed, CEO of FraudScope, said, "Our artificial intelligence-driven innovations in fraud, waste, and abuse identification and prevention are matched only by the results we deliver to our customers. With this round of financing, we are closer to realizing our vision of becoming the AI-based collaboration platform that integrates across fraud, payment integrity, clinical and provider network teams to drive down costs and increase efficiencies for health plans."

Matt Risley, Partner at QED Investors, said, "QED is singularly focused on supporting companies that solve real-world problems and can have a broad societal impact. The rising cost of health care is a perfect example of an issue that hurts consumers, businesses, and the economy as a whole – and one that technology is uniquely positioned to help solve. We look forward to using our operational expertise to help the FraudScope team use its cutting-edge machine learning to reduce healthcare fraud, shoring up health plans and bringing down costs for consumers and employers at a time when both are under tremendous pressure."

FraudScope's Latest Funding

The round was backed by the Brewer Lane Ventures, GRA Ventures, QED Investors, with participation from existing investors which includes the Mosley Ventures, Spider Capital, and TechSquare Labs.

To meet growing demands, the newly raised funds will be used to scale the team and expand product offerings, notes the announcement.
PC: Pablo, Unsplash

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Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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