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Hootl, a cybersecurity platform that focuses on healthcare insurance processing, has closed a $6.5 million Series A funding round led by 5IR Funds.
The company changed its name from RIIG to Hootl in May.
WHAT IT DOES
Hootl develops workflows that aim to lower insurance claims denials, streamline policy change tracking and verify claims in real time.
Active is Hootl's analytical ecosystem that transforms data into insights to help organizations stay ahead of potential threats.
Aegis AI is the company's cybersecurity platform, powered by NVIDIA AI, providing threat detection and data security.
FinaSense provides protective risk identification and monitoring aimed at helping financial firms address regulatory issues, and its offering LegiSense enhances due diligence and supports compliance efforts to help organizations navigate regulatory landscapes.
The funds will be used to expedite product development, deal with regulatory issues and aid in market expansion.
"Our mission is simple but bold, stop the financial bleed in healthcare by applying AI where it truly matters, at the interface of providers, payers and regulators," Denver Riggleman, CEO of Hootl, said in a statement.
"Because of our access to policy makers and regulatory bodies, we’re not just reacting to changes, we are building systems that anticipate them. That is how we restore trust and unlock real, measurable value for practices."
MARKET SNAPSHOT
In May, Hootl closed a round of funding from investors in the United Arab Emirates (UAE). The funding was used to aid the company’s growth.
The capital was secured during the company's leadership’s visit to Dubai and was part of its rebranding initiative when it transitioned from RIIG to Hootl. Hootl also announced plans to open an office in the UAE.
In 2024, RIIG secured a $3 million funding round led by the Felton Group. The funds were used to accelerate the development and launch of the company's AI-powered offerings, expand client support, and grow its sales and marketing teams.
