FraudScope raises $7 million to address healthcare fraud

Atlanta-based FraudScope announced it has completed a $7 million round of Series A financing from several investors including QED Investors , Brewer Lane Ventures , and the GRA Venture Fund. The company – a team of ~18 has raised a total of $9.4 million since its inception.

Founded in 2016, FraudScope is an AI-based platform that helps identify fraud, waste, and abuse in healthcare. “Our comprehensive claims investigation platform utilizes proven and patented AI-based technology to empower investigators and analysts to derive insights and conduct full investigations of suspect claims.”

“QED is singularly focused on supporting companies that solve real-world problems and can have a broad societal impact. The rising cost of health care is a perfect example of an issue that hurts consumers, businesses, and the economy as a whole – and one that technology is uniquely positioned to help solve. We look forward to using our operational expertise to help the FraudScope team use its cutting-edge machine learning to reduce healthcare fraud, shoring up health plans and bringing down costs for consumers and employers at a time when both are under tremendous pressure.” – Matt Risley, Partner at QED Investors.

“Our artificial intelligence-driven innovations in fraud, waste, and abuse identification and prevention are matched only by the results we deliver to our customers. With this round of financing, we are closer to realizing our vision of becoming the AI-based collaboration platform that integrates across fraud, payment integrity, clinical and provider network teams to drive down costs and increase efficiencies for health plans.” – Musheer Ahmed, CEO of FraudScope.