KLAIM, a tech start-up based in the UAE, has won the KPMG Private Enterprise Tech Innovator in the UAE competition for 2021. With this, KLAIM joins the winning tech innovators from 16 countries across the world to qualify for the Global Tech Innovator competition finals at Web Summit 2021 in Lisbon, Portugal this November.
KLAIM was among five tech scale-ups who reached the finals of the UAE round of the KPMG Private Enterprise Tech Innovator competition. The UAE round, held on September 7, offered an opportunity for tech innovators in the country to pitch and present their growth ambitions and innovation to panels of local and global tech industry experts.
KLAIM presented a model on streamlining the insurance claim submission, payment and adjudication process for healthcare providers, using Artificial Intelligence.
Anurag Bajpai, Partner, Private Enterprise Leader, at KPMG Lower Gulf said, “We are thrilled with the response to the KPMG Private Enterprise Tech Innovator competition in the UAE. Amongst the impressive line-up of trailblazers in the UAE who were in the running to become future tech titans, KLAIM stood out as the deserving winner with its innovative technologies, business model and the potential to scale up globally.”
He added: “We had a distinguished panel of industry experts, who vetted the pitches across six equally-weighted criteria, including disruption & innovation, market potential, customer adoption, market traction and marketing, long-term potential, and pitch quality. While there could be only one winner, we acknowledge and recognize these innovative companies who are the foundation of socio-economic development in the UAE and are aligned with the government’s vision to attract and nurture creativity and talent in the country.”
For eligibility in the country-level competition, the companies could be anywhere in their tech business lifecycle — from start-up to accelerated growth, should have been registered in the UAE, actively operating for five years or less (in their current form) and generating revenues between USD 1-15 million or have raised at least USD 500,000 in equity.
An applicant company should have been either a pure technology or a tech-enabled business and not majority-owned by a large corporate. For additional details about the competition, please click here.
This week, KLAIM also secured $1.6 million funding in a pre-series A round, led by Mad’a Investments from Saudi Arabia.