Artificial intelligence-based healthcare startup Qure.ai will see the United States become its biggest market by FY24, company founder and CEO Prashant Warier said in a statement. conversation with CNBC-TV18.com.
“The key for us is to grow globally and increase our product portfolio, even as we seek to grow organically and inorganically,” Warier said, “While the majority of our product development products will be in India, the goal is to make the US our biggest market, and we expect that to happen by FY24.”
Qure.ai’s projections come from the backdrop of the six-year-old startup seeing its latest funding round totaling $40 million led by pure healthcare investors Novo Holdings and HealthQuad, and backed by existing investors. Mass Mutual Ventures. The investment will be deployed to strengthen its global reach, particularly in the United States and Europe, and “intensify product development” for critical care and community diagnostics.
Read also :
During its existence, Qure.ai has made a name for itself by developing an AI capable of interpreting medical scans like X-rays, CT scans and ultrasounds in less than a minute. This, in turn, helped regions lacking medical personnel to receive timely medical assistance based on test report interpretations.
“We initially thought the need for this technology would be more in developed countries, but the current trend indicates the reverse is more relevant,” Warier said, “We have seen remote parts of Assam, Bihar and of Maharashtra among other rural areas. using Qure.ai’s technology.”
What validated the start-up’s efforts was the entry of Novo Holdings as a new investor. This funding marks the Danish company’s first-ever investment in an Indian start-up.
“We are thrilled to join the exceptional team at Qure.ai and contribute to their efforts to deliver world-class AI solutions in imaging for the benefit of patients around the world,” read a statement. Statement from Novo Holdings lead partner Amit Kakar, “We are excited to connect Qure.ai with our portfolio partners as we see several promising synergies.”
Warier believes the meeting of a leading healthcare investor and an up-and-coming Indian start-up could be the start of an exciting new run for both companies. “The company (Novo Holdings) is based in Copenhagen and we caught up with them a year ago to learn that the team was very enthusiastic about what we are bringing to the table,” he said.
With a slew of orders on the way and expanding at a faster rate than expected, Qure.ai is set to triple this year as it seeks product and localization innovation.
(Edited by : Jomy Jos Pullokaran)