Qantev raises €30M led by Blossom Capital to drive AI innovation and global growth

Qantev, an AI-powered platform transforming the way health and life insurers manage claims, reduce costs, and enhance services, has secured €30 million in a new funding round led by Blossom Capital, a European venture capital firm, with participation from existing investors Elaia, Omnes, and RAISE Venture.

With this fresh capital, Qantev aims to prioritise several key initiatives. The company will accelerate research and development to expand its platform with more sophisticated AI modules, which are designed to further improve claims processing and decision-making.

By investing in advanced technology, Qantev seeks to help insurers lower operational expenses while improving patient outcomes.

Additionally, Qantev plans to strengthen its workforce by recruiting AI and engineering talent from around the world. This strategy is intended to ensure the company’s continued leadership in the industry as it builds a team capable of driving forward its technological vision.

Qantev also intends to broaden its global reach by entering key international markets, particularly in North America and Asia. This expansion is expected to enable the company to access new customer segments and adapt its services to meet the specific needs of insurers in these regions.

Founded in 2019 by CEO Tarik Dadi, a former AXA lead data scientist, and CTO Hadrien De March, a former quantitative analyst, Qantev’s AI-driven software offers automation and efficiency to an industry grappling with rising costs, chronic diseases, and ageing populations.

Dadi commented: “A perfect storm of increased costs, post-COVID backlogs, chronic diseases, an ageing population, and increased demand means healthcare insurers can no longer keep up with paperwork. The growth we have seen at Qantev over the past 12 months is not only a testament to the work our team has done in solving these challenges but also the need for a solution like ours.

“As an operator in the global health insurance sector, I witnessed and experienced the pain points our customers are feeling and we’re using decades of experience to make claims more efficient, accurate and beneficial for all. With Blossom Capital joining our already esteemed cap table of investors, we’re excited to continue expanding our global footprint and keep innovating.”

Global medical expenses are projected to increase by nearly 10% by the end of the year, and 58% of insurers are concerned about further cost hikes by 2027.

A demand for health insurance has also surged, driven by ageing populations, pandemic-related backlogs, declining public healthcare funding, and increasing purchasing power in emerging markets.

The health insurance sector is expected to reach a value of $2.38 trillion by the end of 2024, positioning it as one of the fastest-growing areas of the insurance industry worldwide.

Qantev’s AI-powered solutions address these challenges for major customers, including AXA, Generali, and FWD, by automating the claims process, reducing the time from days to mere minutes.

The platform analyses historical claims data to understand patient patterns and behaviours in various markets, allowing insurers to make quicker, more accurate decisions.

This enables medical professionals to focus on patient care rather than administrative tasks, while inefficiencies and bottlenecks in workflows are swiftly identified and resolved.

Qantev’s technology helps reduce operational costs by up to €8 million annually and offers a scalable solution for handling increasing volumes of claims without compromising quality, access, or affordability.

By embedding complex AI-driven software into insurers’ operations, Qantev effectively replicates the expertise of medical professionals in the assessment of health claims.

Currently, Qantev supports the claims processes of customers in 12 countries, spanning the US, Mexico, and Asia. With offices in Paris, Hong Kong, and the UK, the company has more than doubled its workforce over the past year. This recent funding round brings Qantev’s total capital raised to over €40 million.

Ophelia Brown, Founder at Blossom Capital added: “Qantev’s laser focus on the soaring health and life insurance market, combined with its deep expertise in AI, insurance, and data analytics makes it best placed to solve the very real, and rising problems being seen across the healthcare industry. Insurers are crying out for technology that can both address the challenges they face and scale in line with their own ambitions. This is exactly what Qantev provides.”

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