Healthtech startup 5C Network raises funding from Unitus Ventures, Axilor and CIIE-IIMA
India's first radio-diagnostics network 5C Network raised an undisclosed amount from Unitus Ventures, Axilor and Centre for Innovation Incubation and Entrepreneurship (CIIE), the technology business incubator of IIM Ahmedabad. 5C Network is a health-tech startup that aims to make radiology more accessible, affordable and accurate through technology.
The funds will be utilised to improve its pan-India presence and strengthen its technology team to continue to create world-class experiences for doctors, radiologists, technologists, hospitals and diagnostic centres. Over the next couple of years, the company plans to reach over 1,000 hospitals, 200 radiologists and integrate the complete ecosystem in a mobile environment.
Started by Kalyan Sivasailam and Syed Ahmed in 2016, 5C Network operates through its online portal that brings together specialist radiologists from across the country.
It allows hospitals and diagnostic centres to upload scans directly to the cloud where automated data extraction and analysis is done by 5C Network’s proprietary algorithm. It then generates curated information with pre-filled reports, which can be accessed by the specialists.
“Irrespective of its location, 5C gives every hospital or diagnostic centre access to a world-class radiology team. We have been seeing strong growth in demand for our services,” said Syed Ahmed, Co-founder and Director at 5C Network.
Kalyan Sivasailam, CEO of 5C Network, added, “5C is thrilled to partner with Unitus Ventures, Axilor, and CIIE. They are a wonderful group of investors who understand the amazing opportunity.”
Unitus Ventures considers this investment as a strategic addition to its health-tech portfolio. Milind Shah, Venture Partner, said,
"India's radiologist to population ratio is extremely low at 1/100,000, which leads to long lead time in analysing and reporting on X-rays and scans. 5C is a disruptive 24/7 radiology service platform that delivers quality reports within an hour. This will dramatically improve access to quality care for millions of patients around the country while creating a strong business proposition."
CIIE has been said to have been providing catalytic capital and deep support to startups in the healthcare sector for over ten years now.
“We look to invest in startups addressing huge markets with best-in-class deep technology. We are excited to support 5C as they continue to scale and grow in the healthcare market,” said Vipul Patel, VP Investments at CIIE.