Diagnostic company raises $6M for AI-based breast cancer screening tool

Niramai Health Analytix, an AI-based diagnostic company, has raised $6 million in funding for its tool that leverages AI to screen for early stage breast cancer.

Last year, the company announced the development of Thermalytics—an AI, non-contact, non-invasive and radiation free tool for early stage breast cancer detection. The tool uses machine learning over thermography images and can detect cancer at an earlier stage than traditional diagnostic methods and self-examination. It’s also low cost.

Earlier this month, Niramai and its breast cancer screening tool was recognized as a top healthcare startup in CB Insights' third annual AI 100 list.

“Niramai helps to bridge the gap in our healthcare delivery systems by providing an AI tool that is accurate, affordable and accessible to all. If institutionalised as regular screening method, Niramai Thermalytix has the potential to save many lives not just from breast cancer deaths but eventually other diseases as well,” Geetha Manjunath, PhD, Niramai chief executive and technology officer, said in a statement. “We are thankful to the continued support and mentorship provided by our seed investors and are excited to join hands with our new investors to propel us to next level of growth.”

The company’s Series A funding round was led by Dream Incubator and Beenext, and also received contributions from Pi Ventures, Axilor Ventures, Ankur Capital and Binny Bansal, according to information available on Crunchbase. It has raised a total of $6.1 million.

“We believe that Niramai’s team and technology will create a significant difference in early detection of breast cancer and are happy to continue backing them in their journey. AI diagnostic tools are helping doctors scour through data to better diagnose a variety of abnormal conditions and is the only way to bridge the huge demand and supply gap when it comes to quality healthcare,” Pi Ventures founding partner Manish Singhal said in a statement.

Additionally, Eto Munehiko, managing director for Dream Incubator Advisory and Investment India, will join Niramai’s board. 

“We are excited about partnering with Niramai that is building a truly deep-tech solution out of India. We also believe in the potential of their technology to solve global health problems at scale,” Munehiko said in a statement. “The disruptive AI based technology is key to early detection of disease and saving lives especially where there is a shortage of skilled medical professionals and dense breast ratio is high.”