The Pune-based Pentathlon Ventures and GHV also participated in DeepTek’s funding round
With this investment, DeepTek has raised a total of over $10 Mn funding to date
DeepTek had previously raised money from the Japan-based IT company–NTT DATA, Japan-based radiology solutions company–Nobori Ltd and Japanese teleradiology company–Doctor-Net Inc and other investors
Tata Capital Healthcare Fund II, which is an investment arm of Tata Capital has invested in healthtech startup DeepTek along with GHV to further empower and scale the latter.
With this round, DeepTek has raised a total of over $10 Mn in funding. The Pune-based Pentathlon Ventures and GHV also participated in this round.
With this investment, Tata Capital Healthcare Fund has made its first investment in the digital healthcare segment.
“Our investment in DeepTek addresses the high growth radiology AI industry with several unmet needs. DeepTek is among the few radiology AI companies with cutting-edge medical imaging offerings and successful track record of commercial adoption. We are excited to partner with DeepTek and enable a larger impact going ahead,” said Visalakshi Chandramouli, managing partner, TATA Capital Healthcare Fund.
Founded in 2017 by Ajit Patil and Amit Kharat, DeepTek is disrupting radiology space through artificial intelligence solutions. The startup helps hospitals and healthcare clinics in obtaining higher efficiency and accuracy in radiology scans, along with enhanced reporting capabilities.
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According to its statement, the startup’s brand–Augmento is a cloud PACS solution for radiology imaging infused with AI for medical image analysis and automating workflows. Its other products include teleradiology solutions, and GENKI -X-Ray and CT Scans based AI-powered solutions for public health screening. It asserts to have more than 150 hospital and medical imaging centres as paying customers across India, Japan and APAC.
The startup joined GHV Accelerator in 2019 and raised investments from NTTData, Nobori Ltd (Japan), and Pentathlon Ventures have backed DeepTek, along with GHV.
Tata Capital closed the deal from its second healthcare fund, which has a corpus of $200 Mn.
The Tata Capital Healthcare Fund aims at long-term capital appreciation through PE growth-capital investments in healthcare companies. Its investment strategy is based on taking advantage of opportunities in the high-growth Indian healthcare sector over the next decade. Its fund size is between $5-$15 Mn and has an average holding period of five years.
Of late, healthtech startup Proactive For Her raised $5.5 Mn in Series A funding round led by Vertex Ventures South East Asia and India with participation from existing investor Nexus Venture Partners. With this capital infusion, the startup will expand digital product offerings, grow its online customer base, and launch a flagship clinic in Bengaluru.
Another transaction in the healthtech industry has recently happened where Human Life Management acquired home healthcare startup Care24 for an undisclosed amount. As a part of the deal, existing investors including Elevation, IQ, DI and StartUp Health received cash exit.
The acquisition will also help the startup to expand to other Southeast countries including Thailand, Vietnam and Indonesia. According to the Inc42 report, the international expansion will be operationalised via a joint venture between HLM and Care24. The newly created entity will be called ‘Care24 International’ and will handle the international aspect of the company.