Healthcare AI startup Qure.ai on Thursday announced that it has raised $16 million (Rs 115 crore) in a funding round led by venture capital firm Sequoia India, an early investor in some of India’s biggest startups including Byju’s, Zomato, and OYO.
MassMutual Ventures Southeast Asia (SEA) also took part in the financing, the startup said in a statement.
Qure.ai will use this new capital to drive geographical expansion, expand product portfolio and support regulatory clearances, it said.
Founded in 2016 by Prashant Warier and Dr Pooja Rao, and incubated by Fractal, Qure.ai claims to provide fast and accurate interpretations of radiology scans within seconds, reducing time to treatment.
“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,” said Warier, Co-Founder & CEO of Qure.ai.
“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.”
Qure.ai is headquartered in Mumbai, and also has operations in San Francisco and New York. The startup claims that its flagship product can detect every critical brain abnormality on a head CT scan, including five types of intracranial haemorrhages, cranial fractures, infarcts, midline shift, and mass effect (for tumour detection).
“Medical imaging is one of the fields in healthcare where there is enough digitised 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,” said Anjana Sasidharan, Principal at Sequoia Capital India LLP.
Sequoia is an active investor in Indian startups.
According to proprietary data compiled by DealStreetAsia, Sequoia Capital India emerged as the most active investor backing at least seven startups last month, including baby and mother care products brand Mamaearth, e-sports streaming and community platform Rheo TV, neobank epiFi and app-based credit line MoneyTap.
The firm is currently investing out of its sixth India fund, which closed at $695 million in August 2018. Sequoia is reportedly planning to float its largest India-focused fund with a corpus of about $1.25 billion. Its fifth vehicle at $920 million, which was raised in 2016, is the largest India-dedicated vehicle to date.