The PwC Raise | Ventures team is pleased to announce that it has supported Kirontech in its Growth Capital fundraise from Venture Capitalworks.
Kirontech’s AI technology combines domain expertise and knowledge of traditional medical rules with big data and machine learning to detect fraud, waste and abuse (“FWA”) in payments data at speed.
Their unique solution solves a £1tr+ problem for the global medical payment industry, by improving their loss ratio and reducing admin costs at a 7x ROI.
The investment will allow Kirontech to meet existing and new customer demand, invest further into their technology and drive geographical expansion of the business. Capitalworks’ global reach and distribution network will enable Kirontech to continue to scale and solve this crucial problem in the market.
The PwC Raise | Ventures team advising on the deal was led by Cara Haffey, Ed Reid, Richard Abrahams and Lizzie Lord.
Demetri Dinopoulos, Partner at Venture Capitalworks, said:
“Kirontech solves a significant and unresolved market problem in medical fraud, waste and abuse leakages. Technology solutions are now essential to medical payers managing and reducing wastage and costs, whilst also delivering positive environmental outcomes and inclusion to healthcare. We are thrilled to be partnering with such a strong and aligned team and supporting Kirontech in their mission to solve the FWA problem globally.”
Ed Reid, Associate Director at PwC Raise | Ventures said:
“We are thrilled to have worked Omar, Tom, and the wider team at Kirontech as well as with Demetri and the team at Venture Capitalworks on this transformative investment. We look forward to supporting further on Kirontech’s growth journey as the management team takes the business to that next level with the support from their new investors.”
“When we set out to raise capital, we sought an advisor who shared our long-term vision for the company. The PwC Raise | Ventures team were diligent, took the time to understand our business and were critical in helping us identify the right funding partners for Kirontech. Venture Capitalworks offered a refreshing approach and differentiated capital, focusing on business support and value-add instead of portfolio building. We look forward to working with both as we keep growing our business and enhancing the services and solutions we provide our customers globally.”
PwC Raise | Ventures supports fast-growing companies looking to raise between £1m - £30m to fund their growth. We provide expertise throughout a company's investment journey and offer the speed and focus of a boutique, with the unrivaled access of PwC's global network, seeking to build a long-term partnership with businesses for their fundraise and beyond.
Additionally, we work closely with a number of investors to help bring them quality deal flow, pre-packaged and ready for investment based on their criteria. For more information on how we can help you, please get in touch.
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Deals Regional Lead, UK Leader of Industry for Industrials & Services, Manufacturing and Automotive, PwC United Kingdom
Tel: +44 (0)7809 551517
