The acquisition of Krayen will help 5C Network to expand its offerings in the field of digital diagnostics
With this acquisition, the newly acquired company Krayen will provide more advanced diagnostic solutions to healthcare providers and patients
The development comes a few months after 5C Network secured $4.6 Mn in a Series A funding round led by VC firm Celesta Capital
Tata 1mg-backed digital diagnostic platform 5C Network has acquired India and US-based healthtech startup Krayen for an undisclosed amount.
The acquisition of Krayen will help 5C Network to expand its offerings in the field of digital diagnostics.
Besides, the newly acquired company Krayen will provide more advanced diagnostic solutions to healthcare providers and patients.
The development comes a few months after 5C Network secured $4.6 Mn in a Series A funding round led by VC firm Celesta Capital. Existing investors including Unitus Ventures and Axilor Ventures also participated in the round.
Set up in 2020 by Bargava Subramanian and Kirthiraj Yuvaraj, Krayen uses computer vision and natural language processing (NLP) to help hospitals and healthcare providers offer personalised treatment plans.
The startup shared that it analyses patient data including medical history, genetics, and lifestyle factors and accordingly, recommends tailored treatment plans to patients.
“As a team, we have faced the challenge and impact of delayed, incorrect and inactionable diagnosis, and we believe that our deep expertise in AI, ML, deep learning and data engineering is an essential piece of the puzzle when solving for better diagnostics,” said, Bargava Subramanian, cofounder and CEO of Krayen.
Krayen has a team of 15 employees working globally. It also claims to have served 15 clientele across the globe.
Founded in 2016 by Sivasailam and Syed Ahmed, 5C Network operates a cloud-based platform, where a panel of radiology experts interprets radiology images and helps hospitals, as well as diagnostic centres, improve their ROI from machineries.
Further, the startup claims to have delivered radiological reports to 2000 hospitals and diagnostic centres across 300 cities in the country.
“We are excited to build on Krayen’s expertise in AI, ML, data and platform engineering. We are in a quest to build an intelligent and robust platform that can serve a billion scans a year, and Krayen’s ability to process massive amounts of data and bring out valuable insights will advance 5C’s efforts to make this a reality,” said, Kalyan Sivasailam, CEO of 5C Network.
Its cap table includes Tata 1mg, Vikram Vuppala from Nephroplus, Om Manchanda from Lal Pathlabs and Viren Prasad Shetty from Narayana Health, among others.
India’s medical diagnostics market is currently pegged at $11 Bn and is growing at a rate of 16% year-over-year. While pathology has been centralised and scaled, radiology is still lagging behind when about 85% of moderate to severe illness needs radiology intervention, said the startup.
In India, it competes with the likes of Orange Health, Practo and Redcliffe Labs.
As per an Inc42 report, the country’s healthtech market is expected to become a $21 Bn market by 2025. Between 2014 and Q1 2020, over $2 Bn capital has been infused into healthtech startups in India.