Artificial intelligence-backed healthcare startup Qritive on Monday said it has secured Series A funding of $7.5 million (around Rs 60 crore) led by MassMutual Ventures, with participation from Seeds Capital and Exfinity Venture Partners.
The fresh proceeds will be deployed for product and geographical expansions as well as to aid regulatory clearances.
Founded by Aneesh Sathe and Kaveh Taghipour in 2017, Qritive builds AI-based solutions for cancer diagnosis and enhances imaging accuracy for medical professionals ensuring faster diagnosis.
In 2019, it had raised $1.5 million in a seed funding round co-led by SGinnovate and Pix Vine Capital.
“Complexity of diagnostics has increased considerably and having tools that increase accuracy and throughput really fast has become instrumental for clinicians worldwide,” said Sathe.
“With a wide network of pathologists, Qritive is positioned to improve the adoption of digital pathology across the globe,” said Ryan Collins, managing director, MassMutual Ventures.
"The clinical-grade AI-powered technology from Qritive transforms diagnosis to NextGen by being accurate, removing the existing bottlenecks, and supporting pathologists at every stage," said Chinnu Senthilkumar, managing partner at Exfinity Venture Partners.
MassMutual Ventures is the venture capital arm of US-based insurance firm Massachusetts Mutual Life Insurance Company. In April 2022, MassMutual was part of the $300 million series D funding round of Biofourmis Singapore Pte Ltd, which helped the company to turn unicorn. The round was led by private equity firm General Atlantic. In March 2022, it was part of the $40 million (Rs 304.5 crore) funding round of Qure.ai as well.
The healthtech sector has been garnering a lot of investors’ traction for quite some time now.
For instance, in November last year diabetes management platform BeatO raised $33 million in its Series B round of funding led by impact investor Lightrock India. Similarly, Alpha Digital Health Pvt. Ltd which operates healthtech startup Mojocare raised $20.6 million in a Series A funding round led by B Capital Group.