Paris-based health insurtech startup Qantev has secured €30 million in a Series B funding round led by Blossom Capital, with participation from previous investors Elaia, Omnes, and Raise Ventures. The startup, founded in late 2018 by CEO Tarik Dadi and CTO Hadrien de March, aims to tackle the complexities of health insurance claims management using tailored AI models rather than large language models (LLMs).
Qantev’s software, already used by clients like AXA and Generali, helps manage claims by performing checks typically handled by in-house medical staff. It evaluates whether care is medically necessary, if pricing is appropriate, and identifies potential fraud. By automating these tasks, Qantev speeds up the process, reducing costs and customer churn for insurers.
Dadi’s experience as a senior data scientist at AXA, coupled with de March’s expertise as a quant and PhD, laid the groundwork for the company. Qantev previously raised €1.7 million in a seed round in 2020 and €10 million in a Series A round in 2022. This latest funding round came sooner than expected, driven by market demand and interest in AI solutions within the health sector.
Unlike some newer startups that rely on LLMs, Qantev employs a collection of smaller, specialized AI models trained on client-specific historical data. This approach ensures precision and avoids inaccuracies in critical healthcare decisions, such as cancer treatment eligibility. The company intends to use the new funding to double its team by the end of the year, expanding its AI and engineering talent to stay competitive.
In addition to recruitment, the Series B funding will support Qantev’s international expansion, with a focus on its Hong Kong office and an entry into the North American market. While it faces competition from U.S.-based startups like Alaffia Health and Anomaly, Qantev’s relationships with large global clients provide an advantage. When a client’s subsidiary adopts Qantev’s software, it often leads to organic growth in new markets.
The challenge of working with large clients lies in long and complex sales cycles, but the reward is high-value contracts. Dadi emphasized Blossom Capital’s understanding of enterprise software and Qantev’s potential to evolve into a platform with multiple products. Although the company currently focuses on claims management and fraud detection, underwriting may be the next area for expansion.
