RIYADH: Egypt-based health insurance startup Nice Deer has raised $1 million in a pre-seed funding round, Magnitt reported. The round was led by DisrupTech Ventures. “Nice Deer aims to become the helping arm of the insurance industry in Egypt to grow smoothly and work to close the gap between providers and beneficiaries. This will be through a number of pioneering medical services and solutions in line with the unified insurance law,” Mustafa Medhat, CEO of Nice Deer said. Nice Deer uses AI technologies, to prevent abuse in the health insurance sector and early detect any fraud attempts. It will also provide innovative health insurance solutions for small and medium enterprises, such as health savings accounts. These new offers will allow employees of SMEs to benefit from health insurance by paying for many medical services.