About i3systems
i3systems is a company based in Mumbai (India) founded in 2016 by Varzavand Batliwala. It operates as a AI-as-a-Service and HealthTech. i3systems has raised $3.97 million across 3 funding rounds from investors including Alok Agarwal, Zhooben Bhiwandiwala and Capria Ventures. i3systems offers products and services including Claims Processing Solution and Automated Underwriting. i3systems operates in a competitive market with competitors including Perfios, ABI Health, Simple, Osigu and Healspan, among others.
- Headquarter Mumbai, India
- Founders Varzavand Batliwala
- Stage Minicorn
- SectorsFinancial ServicesTechnology
- Email••••••••
- Phone•••• ••••
- Website i3systems.ai
- Social LinkedIn X Facebook
- Legal Name Intelligent Industrial Internet Systems Pvt Ltd
- Date of Incorporation 15 Feb, 2016
- Jurisdiction Mumbai, Maharashtra, India
- Annual Revenue₹8.43 Cr
FY 2024 · +3% YoY
- Net Loss-₹1.18 Cr
FY 2024 · -14% margin
- EBITDA-₹94.7 Lakh
FY 2024 · -11% margin
- Total Equity Funding$3.97M (USD)
in 3 rounds
- Latest Funding Round$1.5M (USD), Seed
Sep 2020
- InvestorsCapria Ventures
& 29 more
Associated legal entities of i3systems
i3systems operates through Intelligent Industrial Internet Systems Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Intelligent Industrial Internet Systems Private Limited CIN U74900MH2016PTC273155 | Active | 15 Feb 2016 | Mumbai, Maharashtra | ₹8.4 Cr | 28 | 2 | View details |
Products & Services of i3systems
i3systems offers a comprehensive portfolio of products and services, including Claims Processing Solution and Automated Underwriting.
Claims are processed using AI for faster settlements.
Underwriting is automated for financial and medical assessments.
Funding Insights of i3systems
i3systems has successfully raised a total of $3.97M across 3 strategic funding rounds. The most recent funding activity was a Seed round of $1.5 million completed in September 2020. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $3.97M
- Total Rounds 3
- Last Round Seed — $1.5M
- First Round $1M
(Jan 2017)
- Investors Count 30
All 3 funding rounds of i3systems with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Sep 2020 | $1.5M | Seed | – | Unitus Ventures | |
| Nov 2019 | $1.47M | Seed | $9.36M | Zhooben Bhiwandiwala, Capria | |
| Jan 2017 | $1M | Seed | – | Capria, Bahram Vakil |
| Date | Valuation | Stage |
|---|---|---|
| Nov 2019 | $9.36M | •••••••• |
Last known valuation $9.36M (Nov 2019). 30 investors in total: 2 institutional and 28 angel.
Investors in i3systems
i3systems has secured backing from 30 investors, including angel and venture fund investors. Prominent investors backing the company include Alok Agarwal, Zhooben Bhiwandiwala and Capria Ventures.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Supporting startups with India scale and global potential through venture advisory and partnerships. | – | unitus.vc | - | |
Venture capital firm investing in applied generative AI | – | capria.vc | Seattle, United States | |
AA Alok Agarwal | - | – | unknown_f0459d5456884465b | - |
ZB Zhooben Bhiwandiwala | - | – | unknown_3c07f83342a34480a | - |
PS Preety Singh | - | – | unknown_7e262f19320f4ee78 | - |
AA Alok Agarwal | Angel investor, ex-Google, focused on tech startups in India. | – | unknown_d0ce5166bd284b6db | - |
PS Preety Singh | - | – | unknown_36605732fc6849b2b | - |
BV Bahram Vakil | Founding Partner at AZB & Partners, prominent angel investor in India | – | unknown_b8425bd52e434adc9 | - |
AK Ajay Kumar Ghosh | Angel investor and entrepreneur, focusing on tech startups in India. | – | unknown_87ced9fd2a4f4607a | - |
JV Jerxis Vandrevala | - | – | unknown_8018f8b562fa4fb79 | - |
Investor details for i3systems
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
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Verified entity values are shown only after access is granted.
Board of directors of Intelligent Industrial Internet Systems Private Limited (i3systems)
Intelligent Industrial Internet Systems Private Limited is the primary company behind i3systems. The board of Intelligent Industrial Internet Systems Private Limited currently have 2 directors; the longest-serving is Sanjay Vinayak, appointed in 2024. 4 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Sanjay Vinayak DIN 09069762 | Director | 16 Oct 2024 | 1 yr 11 mo | Intelligent Industrial Internet Systems Private Limited |
| Elwinder Singh DIN 07557986 | Director | 16 Oct 2024 | 1 yr 11 mo | Intelligent Industrial Internet Systems Private Limited |
People of i3systems
1 people are tracked at i3systems (1 in leadership).
| Name | Role | Group |
|---|---|---|
Varzavand Batliwala | Co-Founder | Leadership |
Complete people profiles for i3systems
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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Financials of i3systems
Figures of Intelligent Industrial Internet Systems Private Limited, the primary company behind i3systems, for FY 2024. Revenue was ₹8.43 Cr (+3% year on year). Net loss was -₹1.18 Cr (-14% margin). EBITDA was -₹94.7 Lakh (-11% margin). Revenue has grown at a compounded annual rate of +18% over three years and +63% over five years.
- ₹8.43 CrRevenue · FY 2024 · +3% YoY
- -₹1.18 CrNet loss · -14% margin
- -₹94.7 LakhEBITDA · -11% margin
- ₹7.1 LakhPaid-up capital
- 28Employees (provident fund records)
- +18%Revenue CAGR, 3 years
- +63%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Intelligent Industrial Internet Systems Private Limited are on its company page.
Detailed financial statements for i3systems
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
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Timeline of i3systems
4 dated milestones of i3systems across 4 years, from founding to its latest funding, stage changes and deals.
- Founded i3systems is founded.
- Funding First funding round of $1.0M.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Seed, of $1.5M.
Competitors of i3systems
i3systems operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Perfios, ABI Health, Simple, Osigu and Healspan, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| perfios.com | 2008 | Bengaluru, India | $258.77M | – | Provides financial technology solutions for data analysis and verification globally. | |
| abi-health.com | 2013 | Bengaluru, India | $16.18M | 82 | AI-driven solutions for healthcare operations are provided. | |
| simple.life | 2015 | Limassol, Cyprus | $40M | 1 | Simple is recognized as a weight loss and health coaching app. | |
| osigu.com | 2015 | Guatemala | $45.21M | – | Online claims processing is facilitated for the insurance industry. | |
| healspan.com | 2022 | Bengaluru, India | $440,587 | 41 | Insurance policies and claims are managed via an automated platform. | |
| precision-gx.com | 2015 | Philadelphia, United States | $3.05M | – | AI-based health plan analytics solutions for health insurers | |
| vitraya.com | 2019 | Delhi, India | $12.83M | 71 | Automated claims adjudication and settlement are provided for healthcare. | |
| globalexcel.com | 1984 | Sherbrooke, Canada | – | 73 | Offers claims administration and medical services to clients globally. |
Detailed competitors of i3systems
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
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Verified entity values are shown only after access is granted.
Web traffic of i3systems
The website of i3systems (i3systems.ai) receives about 1.5K visits a month.
- Monthly visits1.5K
▲ 50.8% vs previous month
Latest news on I3systems
Complete news archive for i3systems
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Verified entity values are shown only after access is granted.
Similar companies to i3systems
10 companies that operate in the same segment as i3systems (Insurance Technology & Support Services), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Insurance products for vehicles, health, travel, and life are offered. | 2016 | Bengaluru, Karnataka, India | USD 655.23 M | USD 216.04 M | 461 | |
Auto insurance is delivered via app to individual drivers. | 2017 | London, England, United Kingdom | USD 206.3 M | – | – | |
Cloud-based platform for property and casualty insurance is provided. | 2001 | San Mateo, California, United States | – | USD 1.48 B | 226 | |
Claims administration, loss adjusting, and benefits management services are provided. | 1969 | Memphis, Tennessee, United States | USD 2.63 M | – | – | |
Online property and casualty insurance is provided for businesses. | 2017 | San Francisco, California, United States | USD 800 M | – | – | |
Satellite-based imaging solutions are provided using synthetic aperture radar. | 2016 | Palo Alto, California, United States | USD 233.99 M | – | 191 | |
API-enabled insurance distribution platform is provided for B2C companies. | 2011 | Noida, Uttar Pradesh, India | USD 120.6 M | – | – | |
AI and microsatellite-based imaging solutions are developed for data monitoring. | 2014 | Espoo, Finland | USD 1.16 B | – | – | |
Software suite for insurance distribution and management is provided. | 2014 | New York, New York, United States | USD 354.55 M | USD 21.6 K | – | |
AI-enabled driver monitoring and fleet safety management solutions | 2015 | Palo Alto, California, United States | USD 182.84 M | – | – |
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Frequently Asked Questions about i3systems
i3systems was founded in 2016 and raised its 1st funding round 1 year after it was founded.
i3systems is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
i3systems is a funded company, having raised a total of $3.97M across 3 funding rounds to date. The company's 1st funding round was a Seed of $1M, raised on Jan 2017.
The primary company behind i3systems, Intelligent Industrial Internet Systems Private Limited, reported revenue of ₹8.43 Cr for FY 2024, up 3% year on year.
Claims processing is streamlined by i3systems through an exclusive tech stack that integrates RPA, IDP, and AI. Operations are focused on health and life insurance sectors, serving premium private insurance customers. Solutions are provided for automated financial and medical underwriting, claims adjudication, and data standardization. Partnerships with leading insurers enable processing across a vast network of hospitals and diagnostic centers. Customer experience is enhanced while payment leakages are prevented through innovative digital tools and customized algorithms.
i3systems's top competitors include Perfios, ABI Health and Healspan.
i3systems offers Claims Processing Solution and Automated Underwriting.
i3systems has 30 investors. Key investors include Alok Agarwal, Zhooben Bhiwandiwala, Capria Ventures, Capria, and Preety Singh.
The valuation of i3systems is $9.36M as of Nov 2019.
i3systems operates through Intelligent Industrial Internet Systems Private Limited.
The legal entities of i3systems currently have 2 directors, including Sanjay Vinayak, Elwinder Singh.