AI healthcare startup Niramai raises $6M Series A funding led by Dream Incubator
AI-based healthtech startup Niramai Health Analytix has raised $6 million in Series A funding led by Japanese VC firm Dream Incubator, Beenext and other investors. Earlier investors such as Binny Bansal, Co-founder, Flipkart, pi Ventures, Axilor Ventures and Ankur Capital also participated in this round of funding.
Dream Incubator has so far invested in more than 160 companies across eight countries, and has supported 28 IPOs. It will now be supporting Niramai’s international expansion, including Japan.
The funding will be primarily used to scaling the healthcare startup’s operations in India, hiring, and getting the additional regulatory approvals needed for international expansion.
Speaking of the product, Geetha Manjunath, CEO and CTO, Niramai explained in a press statement that the startup helps bridge the gap in the healthcare delivery systems by providing an AI tool that is accurate, affordable and accessible to all.
Niramai was founded in 2016 by Geetha and Nidhi Mathur, who have previously worked for organisations like Hewlett Packard Labs and Xerox Reserach. The startup had raised seed funding of $1 million in April 2017.
The company’s product Thermalytix is a portable, non-invasive, radiation-free, and non-contact solution for early stage detection of breast cancer. The product is clinically proven and can be used with high accuracy for women of all age groups. Thermalytix can also be used for other areas of diagnostics, said a release.
“Niramai Thermalytix has the potential to save many lives not just from breast cancer deaths, but eventually other diseases as well,” said Geetha.
Last year, the startup showed clinical validation, with multiple trials published in international forums. Niramai has over 20 installations in hospitals and diagnostic centres across nine Indian cities.
The startup is the only Indian company listed on 2019 cohort of AI 100 startups in the world by global business data intelligence platform CB Insights.
Eto Munehiko, Managing Director, Dream Incubator Advisory and Investment India, who will join Niramai board, said in a press statement, “We believe in the potential of Niramai technology to solve global health problems at scale. The disruptive AI-based technology is key to early detection of disease and saving lives, especially where there is a shortage of skilled medical professionals and dense breast ratio is high.”
Healthtech is the next frontier, and in India, there are a million problems waiting to be solved using technology. According to a recent KPMG report, “Even though multiple advantages are provided by healthcare startups, they have not yet received a steady stream of funding to support their venture.”
Manish Singhal, Founding Partner, pi Ventures said in a press statement: “We believe that Niramai’s team and technology will create a significant difference in early detection of breast cancer, and are happy to continue backing them in their journey. AI diagnostic tools are helping doctors scour through data to better diagnose a variety of abnormal conditions and is the only way to bridge the huge demand and supply gap when it comes to quality healthcare.”