Last deal

Amount

Series A

Stage

20.03.2024

Date

2

all rounds

$1M

Total amount

General

About Company
NovaData Solutions is an InsurTech company that offers a platform for automated restoration invoice scraping, auditing, and analysis.

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founded date

01.01.2021

Number of employees

Last funding type

Series A

IPO status

Private

Description

Based in Philadelphia, NovaData Solutions provides a secure platform called Rest-Assured™, which utilizes advanced data strategies, OCR data capture, and AI learning to enhance operational efficiencies, improve financial anomaly detection, and expedite the audit process. With Rest-Assured™, customers can automate invoice review, validation, and reconciliation, enabling reviewers to focus on analyzing results rather than manual review and entry tasks. The platform addresses a significant issue in the insurance industry, as data shows that insurance companies and policyholders experience substantial financial leakage in claims for property restoration services, resulting in approximately $1.9 billion in overpayments each year. Rest-Assured™ serves as an expert tool for audit and insurance claims professionals, maximizing efficiency, consistency, and reducing financial leakage, ultimately driving down costs and shortening the payment turnaround time for undisputed aspects of claims.
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