I3 Systems - About the company
I3 Systems is a seed company based in Mumbai (India), founded in 2016 by Varzavand Batliwala and Mallesh Bommanahal. It operates as an AI-based solution for automating claims processing and management for the health sector. I3 Systems has raised $3.97M in funding from Unitus Ventures and Capria, with a current valuation of ₹*****. The company has 188 active competitors, including 39 funded and 17 that have exited. Its top competitors include companies like Cigna, GSC and Mighty.
Company Details
AI-based solution for automating claims processing and management for the health sector. The company provides its own proprietary platform, RPA tools, and pre-trained AI models for document-centric business processes.
- Website
- www.i3systems.ai/
- Social
- Email ID
- *****@i3systems.in
- Phone Number
- +91 **********
- Registered Address
- OFF-402 WING A, DAMJI SHAMJI SQUARE,LAXMI NAGAR, GHATKOPAR (EAST) NEAR KANARA ENGINEERING, - 400075., Mumbai City, Mumbai, Maharashtra, India, 400075
Key Metrics
Founded Year
2016
Location
Mumbai, India
Stage
Seed
Total Funding
$3.97M in 3 rounds
Latest Funding Round
Post Money Valuation
₹***** as on Feb 27, 2020
Investors
Ranked
9th among 188 active competitors
Annual Revenue
₹10 - ₹50 Cr as on Mar 31, 2025
Employee Count
28 as on Aug 31, 2025
Legal entities associated with I3 Systems
I3 Systems is associated with 1 legal entity given below:
Legal Entity Name | Date of Incorporation | Revenue | Latest Employee Count | Documents |
|---|---|---|---|---|
INTELLIGENT INDUSTRIAL INTERNET SYSTEMS PRIVATE LIMITED CIN: U74900MH2016PTC273155 , India, Active | Feb 15, 2016 | ₹10 - ₹50 Cr (As on Mar 31, 2025) | 28 (As on Aug 31, 2025) |
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I3 Systems's funding and investors
I3 Systems has raised a total funding of $3.97M over 3 rounds. Its first funding round was on Jan 23, 2017. Its latest funding round was a Seed round on Sep 10, 2020 for $*****. 3 investors participated in its latest round. I3 Systems has 2 institutional investors and 23 angel investors.
Here is the list of recent funding rounds of I3 Systems:
Date of Funding | Funding Amount | Round Name | Post-Money Valuation | Revenue Multiple | Lead Investors | Other Investors |
|---|---|---|---|---|---|---|
Sep 10, 2020 | 7782324 | Seed | 5232805 | 6708732 | 7454167 | 4632606 |
Nov 27, 2019 | 9671223 | Seed | 8155206 | 2121361 | 1810625 | |
Jan 23, 2017 | 6656092 | Seed | 4599748 | 1801958 |
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I3 Systems' founders and board of directors
Founder? Claim ProfileThe founders of I3 Systems are Varzavand Batliwala and Mallesh Bommanahal.
Here are the details of I3 Systems' key team members:
- Varzavand Batliwala: Co-Founder of I3 Systems and founder of 1 other company. They are also an angel investor in 1 startup.Contact Info: 1 email address
- Mallesh Bommanahal: Former Co-Founder of I3 Systems and founder of 1 other company. Contact Info: 1 email address and 1 phone number
I3 Systems' Board of Directors
I3 Systems's board has 2 active members. Sanjay Vinayak and Elwinder Singh are independent board members.Here is the list of I3 Systems' board of directors:
Name | Type | Representing | Status | Duration |
|---|---|---|---|---|
Independent board member | - | Current | 1y 7m | |
ndiypcp | Independent board member | - | Current | 9y 3m |
View details of I3 Systems's Founder profiles and Board Members
I3 Systems' employee count trend
I3 Systems has 28 employees as of Aug 25. The total employee count is 8.0% more than what it was in Aug 24. Here is I3 Systems's employee count trend over the years:
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I3 Systems's Competitors and alternates
Top competitors of I3 Systems include Cigna, GSC and Mighty. Here is the list of Top 10 competitors of I3 Systems, ranked by Tracxn score:
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Rank | Company Details | Short Description | Total Funding | Investors | Tracxn Score |
|---|---|---|---|---|---|
1st | Cigna 1792, Philadelphia (United States), Public | Provider of health insurance, dental plans and medicare coverage | - | 75/100 | |
2nd | Provider of multiple healthcare services for individuals and organizations | - | - | 70/100 | |
3rd | Mighty 2015, New York City (United States), Series B | Provider of software solutions for the management of legal funding | $14.2M | 63/100 | |
4th |  Cotiviti 1979, Atlanta (United States), Acquired | Provider of analytics-driven payment accuracy solutions for healthcare payers | - | 63/100 | |
5th | Provider of financial solutions for hospitals, doctors, and allied healthcare suppliers | $10.6M | 61/100 | ||
6th |  Digital Owl 2017, Portland (United States), Acquired | Provider of AI platform for medical data analysis and insights | $38.6M | 60/100 | |
7th |  Alaffia Health 2020, New York City (United States), Series B | AI platform for healthcare claims management and automation | $72M | 58/100 | |
8th | Platform offering claims processing for healthcare sector | $12.8M | 58/100 | ||
9th |  I3 Systems 2016, Mumbai (India), Seed | AI-based solution for automating claims processing and management for the health sector | $3.97M | 57/100 | |
10th |  Soda Health 2018, United States, Series B | Provider of health benefit management solutions using a retail network | $94.2M | 57/100 |
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I3 Systems's Latest cap tables and shareholding
Founders (largest shareholder) own 34.39%, Funds own 18.94%, Angels own 26.92% and Other People own 3.67%. The net worth of I3 Systems's founders is INR 23.1Cr as of Feb 27, 2020.
Shareholders Name | Post Round Holding % | Net worth | Cumulative Investment | Realised Returns | Unrealised Returns | Return Multiple |
|---|---|---|---|---|---|---|
Founder | 34.39% | 23.1Cr | 4536298 | 4031274 | 8375004 | 9685539 |
9952722 | 6929450 | 8812624 | 5739842 | 2388832 | 4237606 | |
4566762 | 2141321 | 7143135 | 6397453 | 7253021 | 9204267 | |
Fund | 18.94% | 12.7Cr | 9668353 | 8562703 | 6557309 | 8784506 |
6442298 | 1219853 | 8708389 | 5153872 | 6151358 | 3986670 | |
Angel | 26.92% | 18.1Cr | 4771472 | 2516422 | 8799990 | 5629560 |
7583299 | 4025289 | 1810130 | 4581176 | 3506389 | 6942591 | |
475 | 919 | 626 | 834 | 554 | 630 | |
Other People | 3.67% | 2.47Cr | 150 | 746 | 980 | 193 |
ESOP Pool | 16.08% | 10.8Cr | 2352218 | 3706678 | 8683915 | 7252676 |
Total | 100.00% | 67.1Cr | 6074368 | 9823635 | 2684666 | 7531826 |
To unlock detailed Cap Table of I3 Systems Sign up today!Notes: The column Net Worth represents the net worth of investments made by that entity, as per the latest cap table.
DisclaimerView more details of I3 Systems's Shareholding
I3 Systems's Investments and acquisitions
I3 Systems has made no investments or acquisitions yet.
Reports related to I3 Systems
Here is the latest report on I3 Systems's sector:
News related to I3 Systems
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InsurTech Startup i3systems Join hands with MicrosoftSMEStreet.in•Mar 10, 2023•I3 Systems, Microsoft
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