Healthcare AI firm Qure.ai has secured $16 million in a fresh financing round led by Sequoia Capital India. Singapore-based MassMutual Ventures Southeast Asia (SEA) also participated.
Headquartered in Mumbai, Qure.ai has operations in the US. It will use the fresh funds to drive its geographical expansion, expand product portfolio, and support regulatory clearances.
The new capital for the company has come around four months after being in advanced talks of raising venture capital funding round worth $20 million.
The proceeds will also go towards strengthening research & development capabilities and to expand its solutions reach in the market, said the company through a press statement.
The brainchild of Prashant Warier and Pooja Rao, Qure.ai is an artificial intelligence (AI) developer that provides an automated interpretation of radiology exams like X-rays, CTs and MRI scans for time and resource-strapped medical imaging professionals—enabling faster diagnosis and speed to treatment.
Qure.ai’s official website says that the company conducts much of its research in collaboration with hospitals, universities and research institutions. Using artificial intelligence developed on a database of over 7 million scans, Qure.ai solutions provide fast and accurate interpretations of radiology scans to deliver fast treatment.
The company presently claims to have a presence in over 20 countries and has impacted over 600,000 lives since its inception.
Recently, one of the healthcare data platform Innovaccer had also secured $70 million in a Series C funding round led by Steadview Capital and Tiger Global.