Mumbai-based healthcare startup Qure.ai said Thursday it has raised USD 16 million led by Sequoia Capital India, with participation from MassMutual Ventures Southeast Asia, a recently launched USD 100 million SEA-focused fund of US-based insurance firm Massachusetts Mutual Life Insurance Company.
The company said it will use the new capital to drive geographical expansion, expand product portfolio, and support regulatory clearances.
“This funding round will allow us to further invest in R&D and to expand the reach of our solutions, accelerating our mission of delivering accessible and affordable healthcare to every human being,” Prashant Warier, co-founder & CEO of Qure.ai, said in a statement.
Founded in 2016 by Prashant Warier and Dr. Pooja Rao, Qure.ai uses artificial intelligence to enhance imaging accuracy with the assistance of machine-supported tools. It claims to tap into deep learning technology to provide an automated interpretation of radiology exams like X-rays, CTs, and MRI scans for medical imaging professionals for faster diagnosis.
“Medical imaging is one of the fields in healthcare where there is enough digitized data to turn the promise of AI into a reality. The sophistication of Qure.ai’s algorithms and predictive analytics tools, coupled with their expert team of data scientists and physicians positions them very well versus their global competitors,” Anjana Sasidharan, principal at Sequoia Capital India, said in a statement.
The company claims to have a database of over seven million scans, which it said helps to provide fast and accurate interpretations of radiology scans within seconds, reducing time to treatment in the critical moments.
“Our products ensure that life-saving treatments can be delivered to patients, even in remote locations, in a fraction of the time required for traditional scan interpretation. We are proud to have taken our solutions beyond the research stage to actually impacting patient lives across more than 200 locations in 20 countries,” Warier said.
Innovative solutions based on deep technology and artificial intelligence in the healthcare space have been on a slow but steady growth in India as funding for tech startups in the country is on the rise and VCs are looking for new sectors to invest in. Earlier this year, SanFrancisco-based Innovaccer raised USD 70 million from an array of VC firms such as Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala and M12 (Microsoft’s venture fund). Bengaluru-based health-tech startup Niramai that uses AI for early detection of breast cancer raised USD 6 million in February last year from a Japanese venture capital firm Dream Incubator.