FraudScope, an Atlanta, Georgia-based enterprise SaaS platform aimed at reducing healthcare billing claims fraud, waste, and abuse, raised $1.5m in seed funding.
The round was co-led by Spider Capital and GRA Venture Fund, with participation from TechSquare Labs, Mosley Ventures, Service Provider Capital Fund and Vijay Balasubramaniyan, Pindrop’s co-founder and CEO. In conjunction with the funding, Allen Nance, Partner at TechSquare Labs, will join FraudScope’s board of directors.
The company will use the funds to scale customer acquisition and expand product development.
Co-founded by Dr. Musheer Ahmed and Dr. Mustaque Ahamad, FraudScope provides machine learning based technology – based on research done at the Georgia Institute of Technology – that detects and stops healthcare fraud trends. Fraud analysts use the company’s claims investigation platform which automatically identifies constantly evolving fraud, waste and abuse trends before claims are paid.