[Funding alert] Qure.ai raises $40M from healthcare investors Novo Holdings, HealthQuad

Healthtech firm qure.ai, which says it uses artificial intelligence (AI) for medical imaging diagnostics, has announced that it has secured $40 million in a funding round led by Novo Holdings and HealthQuad.

Existing investor MassMutual Ventures also participated in the round.

The startup says it will use the funding to extend and strengthen its global reach, especially in the US and Europe, and accelerate product development for critical care and community diagnostics.  

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.” 

ALSO READ

[Techie Tuesday] How Prashant Warier of Qure.ai went from writing algorithms for logistics to solving healthcare issues using AI

According to the startup, its solution reads and interprets medical images such as X-rays, CTs, and ultrasounds in less than a minute, helping healthcare providers save time. In other settings, where adequate, skilled specialists may not be available, Qure's technology is used as the first level of screening for many infections and non-communicable conditions.

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.” 

The startup's solutions, a statement says, have gained global approvals such as from FDA, CE, and are evaluated by the World Health Organisation. 

Charles – Antoine Janssen, Chief Investment Officer, HealthQuad said: "We are thrilled to be part of the Qure team. Their world-class AI technologies adhere to the most stringent international standards, and have made high-quality, accessible care a reality."

ALSO READ

[Product Roadmap] From affordable diagnostics to coronavirus tests, how Qure.ai is tapping deep tech

HealthQuad claims to be India’s leading digital health focused venture capital fund with assets under management of $200 million across two funds. Its focus is to nurture innovative models which radically improve healthcare access and affordability leveraging technology.

Existing investors include Fractal analytics and Sequoia Capital.