The round was led by Celesta Capital and also saw participation from existing investors Unitus Ventures and Axilor Ventures, along with angel investors
5C Network plans to utilise the fresh funds to widen and deepen its diagnostic client base and to ramp up its talent and infrastructure for data science and clinical teams
Through its Prodigi platform, 5C Network claims to deliver radiological reports to 2,000 hospitals and diagnostic centres across 300 cities in the country, annually
Healthtech startup 5C Network on Wednesday (October 12) said it has raised about $4.6 Mn in a Series A funding round led by venture capital firm Celesta Capital.
The round also saw participation from the startup’s existing investors Unitus Ventures and Axilor Ventures, along with angel investors including Ajay Gupta, Rohit Razdan, and Shiv Tallam.
The healthtech platform’s fundraise comes on the heels of Tata 1mg’s strategic investment of an undisclosed amount in the startup in March this year.
5C Network plans to utilise the fresh funds to widen and deepen its diagnostic client base and ramp up its talent and infrastructure for data science and clinical teams.
“We are building the world’s best Al-powered diagnostic reporting platform, Prodigi, and developing the smartest algorithms to route every scan to the best qualified, available radiologist online. We expect this to scale significantly over the coming quarters,” 5C Network CEO Kalyan Sivasailam said.
“With a comprehensive and seamless test-booking to clinical delivery experience, we believe we will change the way diagnostics is experienced by every stakeholder in the healthcare ecosystem,” added Sivasailam.
Founded in 2016 by Sivasailam and Syed Ahmed, the Bengaluru-based 5C Network provides marketplace-like access for diagnostic establishments, radiologists, and patient aggregation and management providers. Through its Prodigi platform, the healthtech startup claims to deliver radiological reports to 2,000 hospitals and diagnostic centres across 300 cities in the country, annually.
“5C Network’s ‘Digital Diagnostics as a Service’ has been a game-changer. With advanced Al products, a robust network of radiologists and clients, delivering timely diagnostics services at scale is now a reality,” said Surya Mantha, managing partner at Unitus Ventures. “As early investors in the platform, we have witnessed their rapid and sustained growth with strong unit economics.”
As per a report by Praxis Global Alliance, the overall Indian medical diagnostics market is expected to grow at a compound annual growth rate (CAGR) of 14%, reaching $20 Bn by 2026 from $10 Bn in 2021.
The funding announcement comes at a time when Indian startups are reeling under the impact of the ongoing funding winter, which has also affected IPO plans of many startups.
After shelving its IPO plans, epharmacy PharmEasy is reportedly looking to raise up to INR 750 Cr through convertible notes.
Earlier this year, diagnostic testing service provider Orange Health raised $25 Mn in its Series B funding round led by Bertelsmann India Investments and General Catalyst.