Health insurance companies have a world of data at their fingertips, but they still depend on data scientists to make sense of the numbers.
NYC startup Capitol has developed an artificial intelligence solution that provides health insurance companies with insights that can help them combat fraud, identify cost savings and improve the quality of care for their customers.
Capitol announced Monday that it will grow its platform and transition out of stealth with the help of a $10 million seed round.
The seed round was led by 468 Capital and garnered investment from Designer Fund, Fuel Capital, Looker founder Tokyo Black, Airbnb founder and CEO Brian Chesky, Tiger Global founder Chase Coleman III, Nomad Capital, AirAngels, Sanno Capital and former Blackstone director John McCormick.
Capitol CEO Shaun Modi was one of the founding designers of Airbnb and worked alongside Chesky to design that platform’s user experience, according to Modi’s LinkedIn page.
Modi leveraged his design and UX experience to create Capitol’s Data Stories Platform, which has an interface that sits on top of existing data analysis tools and provides insights to business teams.
“Most healthcare analytic tools are not built for business users, which means insight generation is painstakingly slow and built on clunky legacy products,” Modi said in a statement. “We solve that by letting our platform do the work and letting AI find the insights. We create a visual story for our users that provides them with a guided analytics experience without being a data or design expert.”
