Radiology AI startup Qure.Ai has closed its $16 Mn funding round that was initiated in February this year. In the latest tranche the Mumbai headquartered startup has secured $3Mn funding, topping up from 13 Mn it raised in February from Sequoia Capital, MassMutual Ventures SouthEast Asia and Redwood Trust. These investors pumped $12 Mn while the rest $1 Mn came from 30 individual investors, as per the regulatory filings.
In the latest tranche, according to the regulatory filings, Sequoia Capital has infused $1,986,000, MassMutual Ventures pumped $1 Mn or $1,000,000 and Redwood Trust infused $14,000. All the three investors have been allotted designated number of CCCPS shares, with Sequoia picking up 17, 147,105 CCCPS shares, MassMutual has been allotted 8,633,990 shares while Redwood Trust has been allotted 120,876 shares.
At the time of initiating this funding in February, the company’s CEO Prashant Warier had said that it will use the funds to invest in its R&D and to expand the reach of their solution further. The company claims to provide services in over 20 countries and also claims a database of over 7 Mn scans till date.
Qure.Ai essentially claims that its AI powered products and services can interpret radiology scan within seconds and thereby help in correct diagnosis while saving precious time. The company’s current products are mainly aimed in finding abnormalities in head and chest scans.
The Mumbai based firm claims to be the only player in the industry to successfully identify every critical brain abnormality on head computed Tomography. The company has also said earlier this year that it has bagged FDA clearance for its AI-powered head CT scanning tool.
Earlier this year, another AI-powered healthcare platform innovaccer had raised a whopping $70 Mn from Steadview Capital, Tiger Global, and other investors.