Qure.ai, a healthtech startup that uses artificial intelligence to diagnose medical images, has secured $40 million in a round headed by Novo Holdings and HealthQuad. This round was also attended by MassMutual Ventures.
The latest money will be used to expand the company’s global presence, particularly in the United States of America (USA) and Europe. In addition, the company plans to ramp up product development for critical care and community diagnostics.
Qure.ai, founded in 2016 by Prashant Warrier and Dr. Pooja Rao, has developed technology that interprets X-rays and other images to detect brain trauma and diagnose chest ailments. The same method was used to detect COVID-19 by the corporation.
The company thinks that its automated medical imaging technologies can reduce diagnosis time while also allowing physicians to better manage medical problems.
The same technology was also used in a small hospital in the Assam town of Tezpur to detect strokes and concussions in the area. Strokes are one of the most common causes of mortality in Assam. According to a research published by a local hospital GNRC in 2018, strokes affect about 150 people in Assam every day and 54,890 persons annually.
The gateway and the application programming interface are two aspects of the company’s artificial intelligence (AI)-enabled deep learning solution, according to CEO Warrier (API).
X-ray machines, computed tomography (CT) scan machines, ultrasound machines, and other devices that collect data from healthcare facilities and send it to the cloud are examples of gateways. The API then uses their algorithm to scan, process, and generate a radiological report. The report is then sent directly to the patients and doctors.
To protect users’ privacy, the company anonymizes all data before sending it from the gateway to the API. The FDA has approved, CE has certified, and the World Health Organization has evaluated Qure’s AI solutions (WHO).
“Every year our technology helps more than four million people across 50 countries. Our goal is to continue being bullish in our market expansion, especially in the US and Europe. We are committed to aiding healthcare professionals in diagnosing illnesses faster and with more detail and accuracy while automating most of the routine work,” Warrier said in a statement.
Qure.ai has raised over $60 million to date, according to business intelligence platform Crunchbase. It counts Sequoia Capital India, MassMutual Ventures and Fractal Analytics as investors.
