[Funding alert] AI-driven teleradiology startup 5C Network raises $1.2M from Unitus Ventures
Bengaluru-based digital radiology platform 5C Network has raised pre Series A funding of $1.2 million from existing investors - Unitus Ventures and Axilor Ventures. With the current round, the startup has achieved Rs 13 crore in funding to date.
5C Network brings together hospitals and diagnostic centres, radiologists and cutting-edge technology to deliver diagnoses to physicians and patients.
Through the use of its platform and artificial intelligence (AI) algorithms, the company claims that it reduces the turnaround time for a radiology report from the typical 48 hours to just 42 minutes, while ensuring the highest degree of accuracy. This allows hospitals to significantly reduce their "door-to-needle" time, especially for critical cases, making sure that patients receive life-saving intervention faster, the company said.
“Radiology is the most important method of diagnosis for almost all major ailments today, and digital radiology is going to play a huge role in delivering better diagnoses, treatments and outcomes, especially in tier-II and tier-III cities, where there is an acute shortage of trained and experienced radiologists. We plan to utilise the funds to upscale the products and services that help doctors and patients make better decisions,” said Kalyan Sivasailam, CEO, 5C Network.
Kalyan Sivasailam, Co-founder and CEO, 5C Network
“Our platform is already seeing large-scale adoption, and we aim to further scale up our reach and our products with this new infusion of capital,” Kalyan added.
Stressing on the current demand for digital radiology, Kalyan further stated that the company has seen about 3,300 scans per day in the past six months.
Started in 2016 by Kalyan Sivasailam and Syed Ahmed, 5C has partnered with over 600 hospitals and diagnostic centres across 27 states in India, which send over 100,000 cases a month to 5C for diagnosis.
Over the next 12 months, 5C aims to expand its client base to over 2,500 hospitals and diagnostic centres all over the country. The healthtech startup claims to have saved over 10 crore waiting hours for patients since its inception.
“There is immense potential for smart healthtech solutions to transform the Indian healthcare system. The pandemic has already presented an enormous challenge and opportunity for these solutions to deliver on their promise. 5C is experiencing huge demand from untapped markets in India and overseas, and plans to expand rapidly into these geographies,” highlighted Surya Mantha, Senior Partner, Unitus Ventures.