FraudScope, an Atlanta, GA-based AI-based platform for health plans to address the problem of fraud, waste, and abuse, completed a $7m round of Series A financing.
Backers included QED Investors, Brewer Lane Ventures, and the GRA Venture Fund as well as existing investors Spider Capital, Mosley Ventures, and TechSquare Labs.
The additional capital – which brings total funding to $10.5 million – will be used to scale the team and expand product offerings.
Led by Musheer Ahmed, CEO, FraudScope provides AI driven health fraud detection solutions designed to proactively monitor and identify new schemes as soon as they emerge which helps maximize savings. The system provides health plans with advanced identification and workflow tools to detect and investigate emerging fraud, waste, and abuse schemes, and prioritize claims to reduce their financial risk. FraudScope recently announced that it achieved Certified status for information security by HITRUST®, and the company rolled out a series of upgrades and enhancements for its proprietary case management and reporting technology.