Participating in the round were Elaia, Omnes, and Raise Venture, three previous investors.

With the additional funds, Qantev intends to accelerate research and development, enter international markets, and hire top AI and technical expertise in order to further improve its AI-driven claims platform.

The firm sees great potential to customize its platform for regional insurers in North America and Asia, thus it is concentrating especially on these regions to increase its footprint.

Insurers including AXA, Generali, and FWD currently utilize Qantev's AI technology to expedite the processing of claims from days to minutes.

The technology lets insurers make faster, more accurate choices by utilizing previous claims data, which improves patient outcomes and can save operating expenses by up to €8 million annually.

"A perfect storm of increased costs, post-COVID backlogs, chronic diseases, an ageing population, and increased demand means healthcare insurers can no longer keep up with paperwork," stated CEO and co-founder Tarik Dadi, highlighting the difficulties encountered by insurers. The expansion of Qantev over the last 12 months is evidence of both the demand for a solution like ours and the hard effort our team has put into overcoming these obstacles.

Blossom Capital's founder, Ophelia Brown, commended Qantev's strategy and added, "Qantev is best positioned to solve the very real, and rising problems being seen across the healthcare industry because of its laser focus on the soaring health and life insurance market, combined with its deep expertise in AI, insurance, and data analytics.”

Qantev has collected more than €40 million in funding to date, and this most recent round marks a critical turning point in the business's attempts to go worldwide.