- Saudi Arabia-based insurtech startup DESAISIV has raised a $2 million pre-Seed round from 500 Global, Terra VC, Oqal, family offices, and investors with backgrounds in insurance across Mena, UK, and USA.
- Founded in 2022 by Saed Khawaldeh and Mohamad Nabhan, DESAISIV offers AI-powered SaaS products for medical insurance companies and third-party administrators (TPAs).
- DESAISIV initially started in the UK before it expanded to Jordan, Saudi Arabia, and UAE.
- This capital infusion will help DESAISIV to invest further in its product development to grow its clientele and expand geographically.
- Earlier this year, DESAISIV also secured a $100,000 grant from Saudi accelerator Taqadam.
DESAISIV, a MENA-based InsurTech startup specializing in health insurance, has successfully raised $2 million in a pre-seed funding round. The company is co-founded by serial entrepreneurs Saed Khawaldeh and Mohamad Nabhan, who have decades of experience in building tech ventures and business development.
The company aims to reshape the entire insurance sector through visionary leadership and the unparalleled potential of the next-generation insurance customization platform, powered by state-of-the-art artificial intelligence (AI).DESAISIV’s vision goes beyond disruption; it strives to lead a paradigm shift in the insurance industry. By leveraging cutting-edge AI solutions developed in collaboration with top machine learning scientists from the University of Oxford, the company pioneers a future where AI becomes the driving force behind all insurance decisions.
Saed Khawaldeh, co-founder and CEO of DESAISIV, declares, “Our mission is to revolutionize the insurance sector by leveraging the limitless potential of artificial intelligence. We envision a future where insurance becomes smarter, more efficient, and, most importantly, tailored to customer needs.”Benefiting from access to an extensive database of hundreds of millions of patient records, DESAISIV has achieved an impressive average prediction accuracy of over 95 per cent.
Mohamad Nabhan, co-Founder and COO of DESAISIV, proclaims, “Our ambition knows no boundaries. By fusing AI-driven innovations with the insurance industry, we are on a mission to transform the entire global landscape, bringing forth a new era of unparalleled efficiency and customer-centricity.”DESAISIV’s AI-powered products streamline various facets of health insurance, automating underwriting procedures, tailoring policies to provide optimized benefits and coverage, predicting emerging diseases, identifying high-risk behaviors, and reducing customer attrition.
The pre-seed funding round was led by 500 Global, Terra VC, Oqal angel investors, family offices, and influential investors with backgrounds in top insurance companies across the MENA, UK, and USA. This capital infusion will fuel DESAISIV’s growth in the MENA region, empowering them to develop further groundbreaking AI products, expand their operations and teams, and venture into new markets. Additionally, DESAISIV is backed by various international and regional organizations, including Sanabil 500, IPSD, TAQADAM KAUST, USAID, CrossBoundary, TASMU, and The CORE HTU.
Saed Khawaldeh concludes, “Our sights are set on a global revolution. By harnessing the power of AI, we are reshaping the insurance industry worldwide, empowering insurers and clients with unprecedented capabilities and paving the way for a brighter future.”
Mohamad Nabhan emphasizes, “With this strategic funding, DESAISIV is poised to transform the insurance sector at its core. Our vision is to pioneer an AI-driven future, where insurance becomes a seamless and personalized experience for all.”