SiftMed Raises New Funding to Bring Trustworthy AI to Medical Claims

SiftMed organizes, reviews, and extracts insight from every type of medical claim. The platform is built to streamline review for insurance carriers, independent medical examiners (IMEs), legal teams, and life care planners.

The company started with a simple belief: the critical facts buried in a medical file shouldn’t take weeks to find. Today, we’re sharing that Staircase Ventures has led our latest round, bringing SiftMed’s total capital raised to over $10 million, with continued support from Pelorus VC and a group of Verafin founders.

The Problem We Started With

Every medical claim comes down to a set of key facts buried within hundreds, sometimes thousands, of pages. Reviewing them has always been slow, manual, and inconsistent, because the people doing it are highly skilled experts spending most of their time on document triage instead of judgment. We built SiftMed to fix that: AI that organizes, analyzes, extracts, and generates insights for medical claims, cutting turnaround time by 50-70% while surfacing the details that decide a claim. Pre-existing conditions, treatment gaps, causation evidence so reserves are set right and every decision holds up.

Why Insurance, And Why Now

Claim volumes across North America are climbing, and a growing share of them require expert medical review. With more claims and more pages per file - and social inflation pushing settlements higher - the cost of slow, inconsistent review shows up directly in loss costs: missed pre-existing conditions, settlement leakage, and reserves set on facts nobody had time to surface. Insurance carriers have been looking to AI to close that gap for years, but general-purpose tools haven't held up in a space where every decision has to be traceable and defensible in front of a regulator, a claimant, or a court.

This funding accelerates our push into insurance specifically: deepening our workflow for carriers handling accident benefits (A/B), bodily injury (BI), and disability claims, and building the audit trails and citation-level traceability that let a claims team stand behind AI output. 

SiftMed runs the claims investigation end to end, from intake and organization through to AI-driven analysis, with results populated into a final report that's traced back to its source material and standardizes the review process across every adjuster. Carriers can adopt whichever piece they need, and standardize the review process all inside one system. Insurance is a clear case where AI's barrier isn't capability. Carriers need AI they can trust enough to act on, and rigorous enough to hold up under challenge. 

That's the problem SiftMed was built to solve.

What SiftMed Looks Like For The People Using It

“SiftMed saves me a ton of time reviewing the records, and gives me a good summary to know exactly what I’m dealing with. Instead of working a couple of extra hours in the evening, I don’t have to.”

— Rob Fiorido, Senior Claims Representative, Portage Mutual

What’s Next

This capital lets us do three things: deepen the auditability and reporting features carriers have told us they need most, grow our insurance-focused product and engineering teams, and expand our footprint with the carriers, IMEs, and legal teams already relying on SiftMed today. We’re a roughly 30-person team based out of St. John’s, Newfoundland, and we’re currently hiring across product, engineering, and marketing to help build this next chapter. Open roles are at siftmed.ca/careers.

“We started SiftMed to uncover facts that change lives. This round means we get to do that at a bigger scale, in the part of the industry that needs it most.”

— Holly Hill, Founder & CEO, SiftMed

About SiftMed

SiftMed is an AI platform built for medical claim review. It organizes, reviews, and extracts insight from complex medical records for insurance carriers, independent medical examiners (IMEs), legal teams, and life care planners, with every output tied back to source material. SiftMed is based in St. John’s, Newfoundland. Learn more at siftmed.ca.

Media Contact

Kelsey Lomond

Head of Marketing & Partnerships

Kelsey@SiftMed.ca

(709) 567-9475