Financing round led by IDC Ventures to strengthen Osigu’s team, technology development, Machine Learning algorithms, AI features, and expansion into the Colombian Market.
Miami: Osigu, the leading real-time claims processing and e-prescription platform in Latin America, announced today that it had secured $7.5 million in a new round of funding led by IDC Ventures and followed by strategic investors including Jose Vargas, co-founder of Healthcare.com, a leading digital health insurance company. The financing will help strengthen Osigu’s ML algorithms, AI features, and expansion into the Colombian Market.
Osigu has developed a cutting-edge technology that exchanges data and interacts with payers and healthcare providers, making it possible to automate electronic claims and payments. With a single integration, Osigu’s API infrastructure enhances communication between payers and providers to expedite claims and obtain real-time responses without human interaction. The company seeks to eliminate the need for tedious phone calls, filling out paper forms, and conforming to numerous payer’s web portals. As a result, payers and providers minimize administrative and back-office costs, reduce fraud, and patients get timely access to care.
Osigu has clients in Mexico, Dominican Republic, Guatemala, and Spain. With the latest financing round, the company aims to increase its presence in the Colombian market, a TAM of USD 12 Billion, targeting the over 650M claims manually processed each year.
“We see a massive opportunity in the healthcare and insurance space in emerging markets such as LATAM. Mostly every medical transaction is paper-based, and the ecosystems are highly fragmented with local small and mid-software companies that don’t use any data standardization. What happened 15-20 years ago in the developed healthcare system is starting now in Latam. We feel very motivated and responsible for solving this massive healthcare problem. Our solutions bring many benefits to payers and providers, but most importantly, enhance the patient’s experience across the board,” states Fernando Botrán, CEO and co-founder of Osigu.
“IDC Ventures is excited to partner with Osigu, the technology adoption in Latin America is lagging, specially in the healthcare system, creating an exponential opportunity for Osigu to solve a huge problem and improve healthcare delivery in the region,” added Bobby Aitkenhead, Managing Partner at IDC Ventures.
“I am a big believer in the application of technology to improve healthcare delivery, patient experience and healthcare costs and Osigu is positioned to be a change catalyst across Latin America and the World,” added Jose Vargas, co-founder of Healthcare.com. “I am excited and humbled to join the board of Osigu and be part of their mission to improve the healthcare ecosystem.”
In connection with this funding round, Jose Vargas and Gabriel Mesa (MD and former CEO of one of the leading health insurance companies in Colombia for more than 14 years) have joined the Osigu board of directors.
Osigu is disrupting the healthcare and insurance ecosystem by digitalizing and automating the claims process and payments between Insurance companies and health providers in LATAM. Through a unique, state of the art, SaaS platform, payers, health providers, and patients interact in a simple, reliable and secure manner. Osigu provides solutions for everyone in the healthcare delivery ecosystem: efficiency and fraud prevention for payers, liquidity for health providers, and a better customer experience for patients. The company, founded in 2016, is headquartered in Miami, FL.
About IDC Ventures
IDC Ventures is an investment fund that finances projects that drive innovation and digital disruption. IDC Ventures focuses on companies in the fintech industry, marketplace, and platforms throughout Europe, the US, and Latin America. To date, it has raised more than USD 400 million for technology companies and supported projects such as Curve, Bipi, RecargaPay, Merqueo, Securitize, and more.