Health insurtech Nirvana, specialising in insurance verification and eligibility with machine learning and artificial intelligence, has sequred $24.2 mn Series A funding round led by Northzone, with participation from Inspired Capital, Eniac Ventures, and Surface Ventures.
With new funding, Nirvana poised to supercharge expansion into more specialties, helping more providers streamline operations and offer patients the cost transparency.
Nirvana, founded by Akshay Venkitasubramanian, Urvish Parikh, and Kelvin Chan, was established to tackle financial issues caused by insurance eligibility complexities faced by patients and providers.
They identified an opportunity to use AI to solve these problems and enhance the healthcare experience. Nirvana’s AI system adapts to the diverse insurance requirements across healthcare specialties by processing millions of eligibility checks monthly.
Nirvana’s platform aims to bring unprecedented transparency to the complex world of healthcare benefits.
By harnessing AI technology, Nirvana provides instant insurance verification and highly accurate cost estimates for both providers and patients. This innovation helps patients avoid unexpected bills and allows providers to save time and reduce costs.
Healthcare providers and patients alike have suffered from the opaque and inefficient insurance verification process for far too long
Akshay Venkitasubramanian, CEO of Nirvana
The company’s technology modernizes the outdated insurance data structure, originally built in the 1970s for specialized billers and phone calls, into a digital verification standard.
Nirvana’s platform improves patient experience by enabling upfront payments during visits, simplifying appointment bookings. For providers, this reduces claim denials and streamlines financial management.
Nirvana AI model is built to deliver the most accurate healthcare eligibility data
Nirvana’s services are available through direct API integration, EHR/EMR systems, or its web/mobile app, OneVerify. Its Discover tool retrieves full eligibility details using minimal data like name, birth date, and zip code, delivering accurate results even with errors in data entry.
Initially focused on behavioral health, Nirvana’s technology now serves sectors like physical therapy, outpatient care, and primary care.
The company is positioned to transform insurance verification, improving both patient experience and provider operations across healthcare.
Wendy Xiao, Partner at Northzone, commented: “Nirvana is addressing a critical pain point in healthcare administration with a truly innovative approach. Their AI-powered solution not only improves operational efficiency for providers but also enhances the patient experience through greater transparency.”
by Peter Sonner
