SiftMed Raises C$5 Million Seed Funding to Expand AI Medical Claims Platform
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SiftMed Secures C$5 Million Seed Funding
Canadian healthtech startup SiftMed has raised C$5 million (approximately US$3.7 million) in seed funding to expand its AI-powered medical claims review platform.
The round was led by Staircase Ventures, with participation from The51, Pelorus VC, Sandpiper Ventures, and the founders of Verafin.
AI Platform Streamlines Medical Claims Review
Founded in 2020 and headquartered in St. John's, Newfoundland, SiftMed develops AI software that helps insurance carriers analyze complex medical claim documents. The platform organizes, structures, and reviews thousands of pages of medical records, enabling claims professionals to identify critical information more efficiently while maintaining traceability to the original source documents.
According to the company, the platform is designed to support human decision-making rather than replace it, helping insurers accelerate reviews while improving consistency and transparency.
Funding to Support Growth
SiftMed said the new capital will be used to expand the reach of its AI-powered medical claims platform and support continued product development.
The latest investment brings the company's total funding to nearly C$11 million. CEO Holly Hill said SiftMed expects to pursue a larger Series A funding round within the next 12 to 18 months.
Growing Presence in Insurance Technology
SiftMed serves insurance providers by automating the organization and analysis of medical claim records, helping reduce manual review time while allowing claims professionals to verify AI-generated insights against original documentation.
The company currently employs around 30 people and continues to expand its presence in the North American insurance technology market.
