Bengaluru-based AI startup NIRAMAI Health Analytix has raised an undisclosed amount of funding in a Seed round led by pi Ventures. Ankur Capital, Axilor Ventures, 500 Startups and Flipkart co-founder Binny Bansal also participated in this round.
Founded in 2016 by Dr. Geetha Manjunath and Nidhi Mathur. While Geetha comes with 25 years of research and innovation expertise in areas such as data analytics, machine learning, cloud computing, semantic web, Nidhi is a serial intrapreneur with rich experience in business planning, strategy and product management. Both have previously worked with companies like Xerox Research Center and Hewlett Packard Labs.
NIRAMAI stands for Non Invasive Risk Assessment with Machine Learning. It is working on a non-invasive, radiation-free, painless and low-cost, cancer-screening solution. As per facts, 95% of breast cancers are curable if detected early. Yet 76,000 women die in India alone and more than 700,000 globally, every year, as stated by the company in an official statement. As stated in an official statement, NIRAMAI is on a mission to create a universal cancer screening method that can save lives by detecting breast cancer at an early stage.
Manish Singhal, Founding Partner, pi Ventures added, “Breast Cancer is a major killer across the world. In India, one out of two women die after getting diagnosed with breast cancer since the detection happens very late. Early detection is key to saving lives and is enabled very well with the innovative and disruptive AI based solution from NIRAMAI.”
NIRAMAI uses artificial intelligence over thermal images to address the issues of early detection of breast cancer. The overall hardware-software solution is portable and uses big data analytics, artificial intelligence and machine learning for reliable, early and accurate breast cancer screening. Their method of screening is based on principles of Thermography that can detect tumors 5 years before mammography or a clinical exam can.
This investment will help the NIRAMAI team to strengthen their IP portfolio, expand operations and ensure their cancer screening tool is readily available for commercial use, as stated by Dr. Geetha.