Qure.ai, a Mumbai-based AI startup, raised $16 million in a recent funding round. The company, founded back in 2016, designs solutions for the interpretation of imaging results.
The new investments are expected to go toward expanding Qure.ai’s business into new markets and funding regulatory clearances. Sequoia India led the round, with MassMutual Ventures Southeast Asia also contributing.
“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,” Prashant Warier, co-founder and CEO of Qure.ai, said in a prepared statement. “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. This funding round will allow us to further invest into R&D and to expand the reach of our solutions, accelerating our mission of delivering accessible and affordable healthcare to every human being.”
“Medical imaging is one of the fields in healthcare where there is enough digitized data to turn the promise of AI into a reality,” Anjana Sasidharan, principal at Sequoia Capital India LLP, said in the same statement. “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. What sets them apart is their ability to deploy commercially at scale across multiple countries; something many others have failed to do as strong algorithms don't always translate to robust commercial products.”