Qure.ai Eyes Up To $60 Mn Funding To Push Its Diagnosis Play

SUMMARY

Qure.ai, Mumbai-based startup in the medtech space is reportedly seeking to raise around $50-60 Mn in a funding exercise to be led by Lightspeed

The infusion will likely include a secondary deal, along with existing investors who will be putting in primary capital

Lightspeed is investing around $20-25 Mn and is looking to buy some in secondary shares too

With rapid digitalisation and automation pushing the growth of the medtech industry, Qure.ai, Mumbai-based startup in this space is reportedly seeking to raise around $50-60 Mn in a funding exercise to be led by Lightspeed.

As per ET’s report, the infusion will likely include a secondary deal, along with existing investors who will be putting in primary capital.

The investment will close by this month once it is finalised, a source was quoted as saying in the report.

Inc42 has reached out to Qure.ai as well as Lightspeed for comments on the development. The story will be updated based on their responses.

“Lightspeed is investing around $20-25 Mn and is looking to buy some in secondary shares also. Overall, the round may end up being $50-60 Mn in size depending on the final secondary component,” the report added.

Founded in 2016 by Prashant Warier, Qure.ai uses artificial intelligence assistance for medical imaging diagnostics. Essentially, it uses AI to detect brain trauma, chest diseases, among others.

The company claimed that its algorithm can detect clinically relevant abnormal trauma from X-rays, CT Scans and MRIs in a fraction of the time that doctors typically take.

The Mumbai-based company is backed by marquee names like Fractal Analytics and Sequoia Capital.

The investment comes at a time when investors are pumped by the growing interests of AI adoption in the pharma sector.

Joining the trail of raising capital through secondary funding spread across various business sectors, healthtech companies have also been seeing a few investments.

For instance, healthtech unicorn Innovaccer was in talks with the US-based health and insurance major Kaiser Permanente to raise a funding in the range of $200 Mn-$250 Mn, in a mix of primary and secondary capital.

Previously, Qure.ai raised $40 Mn in a strategic funding round led by Novo Holdings and HealthQuad to expand its global reach, especially across US and Europe, as well as ramp up product development in the domains of critical care and community diagnostics, in March 2022.