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Healthtech firm, Qure.ai (Qure) has raised $40 million in a funding round led by Novo Holdings and HealthQuad, along with the participation of MassMutual Ventures.
Qure.ai uses artificial intelligence (AI) for medical imaging diagnostics. The company will use new investment to extend and strengthen its global reach, especially in the US and Europe, and intensify product development for critical care and community diagnostics. Till now, Qure. ai has raised about $56 million in funding and said to have grown 15x in the financial year 2021–22.
Shortens diagnosis time
Qure.ai said, it has built technology that reads and interprets medical images like X-rays, CTs, and ultrasounds in less than a minute. Qure’s AI solutions are FDA-approved, CE-certified, and evaluated by the World Health Organization. Qure.ai’s automated medical imaging tools are said to shorten the time to diagnosis while enabling physicians to triage medical cases more effectively, especially in time-sensitive situations.
Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia, said, “We are very pleased to join the outstanding team at Qure.ai and to contribute to their efforts of providing world-class AI solutions in the imaging space, for the benefit of patients worldwide. Qure.ai is at the forefront of transforming diagnostics in both acute and chronic ailments, which is fully aligned with our mission of advancing high-quality and accessible healthcare using innovation and digitization. Further, we are excited to connect Qure.ai to our portfolio partners as we see several promising synergies.” Novo Holdings is a healthcare and life sciences investor, headquartered in Copenhagen, with offices in San Francisco, Boston, London and Singapore, Novo Holdings has a portfolio of more than 150 companies.
“It’s no accident that Qure is one of the leading startups thriving in the health tech sector. Through noteworthy collaborations with ministries of health and government entities like the NHS, pharmaceuticals like AstraZeneca, and international advocacy groups like StopTB, amongst others, Qure has already built a network of global commercial partnerships. The pandemic has also accelerated the shift to digital transformation, and we are proud to back their growth,” added Ajay Mahipal, Director, HealthQuad, a digital health focused venture capital fund with assets under management of $200 million across two funds.
Prashant Warier, CEO and Founder, Qure.ai said, “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. This is a win for all involved in healthcare, especially for patients across the globe who will benefit from vastly improved health outcomes.”
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