Dubai-based healthtech Sehteq has secured $3 million in venture debt led by 971 Capital.
Launched in 2018 by Noor Al Kamil and Saif AlJaibeji, the technology-driven health insurance startup gives its users the chance to tailor their own insurance plans through an AI-driven platform.
The new investment will accelerate Sehteq’s Techcelerate project and expand its offering to customers in Oman, Iraq, Egypt, and Saudi.
Sehteq, the Dubai-based healthtech startup and insurance platform has successfully secured $3 million in venture debt investment dispatched by key investor 971 Capital.
Launched in 2018, Sehteq positioned itself as a technology-driven health insurance startup that aims to make insurance accessible, affordable, and most importantly automated. Through its platform, the startup leverages AI to digitise the supply of insurance plans to individuals and families in the UAE, radically accelerating and fully automating the sale & post-sale processes.
In a highly user-friendly experience, Sehteq’s users are able to tailor their own insurance plans seamlessly on their AI-driven platform. In the backend, Sehteq integrates machine learning to automate post-sales service and claims management. Powered by an innovative evidence-based rules engine, they are able to automate up to 100% of the back office work saving innumerable amounts of time and expenses in the process. Their tech-driven approach was the key to disrupting the insurance market as co-founder Saif AlJaibeji remarks “Sehteq was born to be the innovation lab of the industry, and after a successful launch of products and technology solutions for the health insurance market we have expanded our offering to travel, life and other lines of insurance and in partnership with our competitors.”
This newly acquired investment is a cornerstone of their newly launched Techcelerate project, working towards building two business units and expanding the technology arm to regional Insurtech, on the road to transitioning the insurance business unit from startup to enterprise. Notably, Sehteq has already set the business model that will allow them to ramp up. The platform is white-labelled to brokers and agents within 60 seconds and has more than 120 versions implemented in the UAE and Oman markets.
As they set forth to develop their offering and expand their markets, co-founders Noor Al Kamil and Saif AlJaibeji are hopeful of Sehteq’s future. “The fund will be channelled to cover the cost of project Techcelerate, and support our future plans”, Sehteq’s co-founder and chief medical officer Noor Al Kamil adds, as co-founder Saif AlJaibeji concludes: “Sehteq 2.0 will bring our offering to customers in Oman, Iraq, Egypt, and Saudi.”