Nirvana, a health tech company that employs artificial intelligence (AI) to bring transparency to healthcare insurance verification, recently announced raising $24.2 million in Series A funding. Northzone, a global venture capital firm, led this round, which also included Inspired Capital, Eniac Ventures, and Surface Ventures.

This new funding round will help Nirvana scale its platform across more healthcare specialties to help patients navigate healthcare costs confidently. It will also allow providers to reduce claim denials and improve their financial operations.

The company’s AI-driven platform provides instant insurance verification and accurate cost estimates. This helps reduce the complexity and opacity surrounding healthcare benefits.

Founded by Akshay Venkitasubramanian, Urvish Parikh, and Kelvin Chan, Nirvana aims to relieve financial burdens on both patients and healthcare providers by simplifying insurance eligibility verification.

“Healthcare providers and patients alike have suffered from the opaque and inefficient insurance verification process for far too long,” said Venkitasubramanian, CEO of Nirvana. “With this new funding, we’re poised to supercharge our expansion into more specialties, helping more providers streamline their operations and offer patients the cost transparency they deserve.”

Wendy Xiao, Partner at Northzone, expressed confidence in Nirvana’s future. “Nirvana is addressing a critical pain point in healthcare administration with a truly innovative approach. Their AI-powered solution not only improves operational efficiency for providers but also enhances the patient experience through greater transparency.”

Nirvana’s platform replaces outdated methods, transforming healthcare insurance data verification into a modern and efficient system. CTO Urvish Parikh highlighted the company’s mission to update legacy structures, originally designed in the 1970s, that no longer serve the today’s digital healthcare needs.

Nirvana offers a versatile solution through direct API integration, EHR/EMR systems, or via its web and mobile OneVerify application. Its Discover technology simplifies insurance eligibility verification by retrieving complete patient  information using only primary data, such as name, date of birth, and zip code.

This capability ensures accurate results, even in the presence of data entry errors, making it one of the most reliable tools for eligibility verification.

The platform has gained traction among direct-to-consumer healthcare companies due to its ability to simplify patient onboarding and enhance the patient experience.

Initially designed for behavioral health, Nirvana’s platform has quickly expanded to other healthcare insurance specialties, including physical therapy, intensive outpatient, and primary care. Implementing Nirvana’s technology has already improved patient experiences and operational workflows in these sectors.