Medical diagnostics platform 5C Network (India) Pvt. Ltd on Tuesday secured about $4.6 million in a Series A funding round, led by venture capital firm Celesta Capital, with participation from existing investors including Unitus Ventures, Axilor Ventures.
Angel investors including Ajay Gupta, Rohit Razdan and Shiv Tallam also participated in the financing round, the company said in a statement.
This fundraising comes after Tata 1mg, in March, made a strategic investment in the Bengaluru-based firm for an undisclosed amount.
It also launched a learning platform, 5C Academy, to offer training to radiographers and radiologists. It will also offer certification to radiographers specialising in CT and MRI scans.
“We are building an artificial intelligence-powered diagnostic reporting platform, Prodigi, and developing algorithms to route every scan to available radiologists online. We expect this to scale significantly over the coming quarters,” said Kalyan Sivasailam, chief executive officer, 5c Network.
He added that 5C Network is considering to utilize funds raised in this round to widen its diagnostic clientele, ramp up talent acquisition and building infrastructure for its data science and clinical teams.
The medical diagnostics firm secured $1.2 million in a pre-Series A funding round led by existing investors Unitus Ventures and Axilor Ventures in December 2020. The company had said it would deploy the funds to allow doctors and patients make better medical decisions.
Founded in 2016 by Sivasailam and Syed Ahmed, 5C Network allows users to store, generate, and interpret radiology images across India, and allows hospitals to generate higher returns on their radiology infrastructure by making radiologists available.
