Qure.ai Technologies Pvt. Ltd, a health-tech startup that uses artificial intelligence for medical imaging diagnostics, has raised $65 million ( Rs 544 crore) in Series D funding round, led by global venture capital firm Lightspeed and domestic investment firm 360 ONE Asset.
Merck Global Health Innovation Fund, the corporate venture capital arm of US pharma firm Merck & Co and early-stage venture capital firm Kae Capital also participated in the round, along with its existing investors Novo Holdings, Health Quad, and TeamFund.
VCCircle first reported about the development in January.
The startup said it will use the capital to further fuel its expansion plans into the US market and other geographies and invest in foundational AI models and enable complementary med-tech company acquisitions.
Qure.ai was launched in 2016 by Prashant Warier and Pooja Rao. It was incubated by Fractal Analytics. Its technology helps read and interpret medical images like X-rays, computed tomography scans (CT scans), and ultrasounds in less than a minute.
“With diagnostic specificity and sensitivity at levels rivaling radiologists and physicians, Qure is making quality healthcare accessible in the US and Europe as well as globally in Asia, Africa and Latin America,” said Dev Khare, partner, Lightspeed.
The startup is headquartered in Mumbai, with regional offices in New York, London, and Dubai. It has deployed its solutions in over 90 countries across 3,000 sites.
“AI helps to overcome healthcare bottlenecks, from imaging reporting backlogs and low screening uptakes to workforce resource constraints, not just in western societies like the US and Europe, but in developing nations too,” said Warier, co-founder and chief executive of Qure.ai.
“This Series D round is an exciting step forward in our journey and will propel us forward in our mission to reach a billion patients through our solutions.”
Previously, it raised $40 million in funding in 2022 led by Novo Holdings and HealthQuad. Another investor MassMutual Ventures also participated in the funding round. In 2020, the startup secured $16 million (Rs 115 crore then) in a funding round led by Sequoia Capital, now known as Peak XV Partners.
