Qure.ai (Qure) one of the leading health tech firms using Artificial Intelligence (AI) for medical imaging diagnostics, today announced that it has secured $40 million in a funding round led by Novo Holdings and HealthQuad, supported by existing investor MassMutual Ventures. Qure.ai will use the new investment to extend and strengthen its global reach, especially in the US and Europe, and intensify product development for critical care and community diagnostics. Lincoln International acted as the exclusive financial advisor to Qure.ai.
Qure.ai has created a niche for itself with advanced technology that reads and interprets medical images like X-rays, CTs, and Ultrasounds in less than a minute, making equitable and high-quality healthcare a reality across the globe. Qure's AI solutions are FDA-approved, CE-certified, and evaluated by the World Health Organization.
Qure.ai's automated medical imaging tools can shorten the time to diagnosis while enabling physicians to triage medical cases more effectively, especially in time-sensitive situations. This helps healthcare providers identify critical scenarios within minutes — versus hours — to avert fatalities and improve the quality of patient care. In other settings, where adequate, skilled specialists may not be available, Qure's technology is used as the first level of screening for many infections and non-communicable conditions.
Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia, said: "We are very pleased to join the outstanding team at Qure.ai and to contribute to their efforts of providing world-class AI solutions in the imaging space, for the benefit of patients worldwide. Qure.ai is at the forefront of transforming diagnostics in both acute and chronic ailments, which is fully aligned with our mission of advancing high-quality and accessible healthcare using innovation and digitization. Further, we are excited to connect Qure.ai to our portfolio partners as we see several promising synergies."
Novo Holdings is a world-leading healthcare and life sciences investor with a focus on creating long-term, sustainable value. Headquartered in Copenhagen, with offices in San Francisco, Boston, London and Singapore, Novo Holdings has a portfolio of more than 150 companies.
Gaurav Marathe, Managing Director of Lincoln International said, “Health tech has emerged as one of the most attractive segment for investments globally. The adoption of health tech led business models has been accelerated by COVID-19 especially in segments where health tech has altered the paradigm of traditional business models. Qure.ai is one of the leaders in such a segment globally with a truly differentiated business model that thrives on deep tech. With AI powered solutions, Qure.ai offers speedier analysis of medical diagnostic images with very high levels of accuracy. We are excited to have partnered with Qure.ai on their growth journey and look forward to continuing our partnership as this industry evolves globally”.
Charles – Antoine Janssen, Chief Investment Officer, HealthQuad said: "We are thrilled to be part of the Qure team. Their world-class AI technologies adhere to the most stringent international standards, and have made high-quality, accessible care a reality. We remain committed to collaborating with innovative firms that work to improve global healthcare infrastructures."
"It's no accident that Qure is one of the leading startups thriving in the health tech sector. Through noteworthy collaborations with ministries of health and government entities like the NHS, pharmaceuticals like AstraZeneca, and international advocacy groups like StopTB, amongst others, Qure has already built a network of global commercial partnerships. The pandemic has also accelerated the shift to digital transformation, and we are proud to back their growth," added Ajay Mahipal, Director, HealthQuad.
HealthQuad is India's leading digital health focused venture capital fund with assets under management of USD 200 Mn across two funds. Its focus is to nurture innovative models which radically improve healthcare access and affordability leveraging technology.
Prashant Warier, CEO and Founder, Qure.ai, said: "Every year our technology helps more than four million people across 50 countries. Our goal is to continue being bullish in our market expansion, especially in the US and Europe. We are committed to aiding healthcare professionals in diagnosing illnesses faster and with more detail and accuracy while automating most of the routine work. This is a win for all involved in healthcare, especially for patients across the globe who will benefit from vastly improved health outcomes."
Ryan Collins, Managing Director, MassMutual Ventures said: "We have been incredibly impressed with Qure's progress since we first invested over two years ago. The team is exceptional and the progress on product development, now across many different imaging modalities and use cases, as well as global expansion, has been outstanding. We are very happy to continue supporting Qure and welcome Novo Holdings and HealthQuad as partners."
Existing investors include Fractal analytics and Sequoia Capital.
Qure.ai is a breakthrough Artificial Intelligence (AI) solution provider that is disrupting the radiology 'status quo' by enhancing imaging accuracy and improving health outcomes with the assistance of machine-supported tools. Qure.ai taps deep learning technology to provide automated interpretation of radiology examinations like X-rays, CTs, Ultrasounds and MRI scans for time and resource-strapped medical imaging professionals—enabling faster diagnosis and speed to treatment. Qure.ai is helping to make healthcare more accessible and affordable to patients worldwide.
*This press release is published by VOH team.*
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