INDIA – Qure.ai, a health tech firm that uses artificial intelligence for medical imaging diagnostics, has raised US$40 million in a funding round led by Novo Holdings and HealthQuad, with participation from current investor MassMutual Ventures.
The Novo Nordisk Foundation owns Novo Holdings. HealthQuad is an India-based digital health-focused venture capital fund that manages US$200 million in assets across two funds.
Qure.ai will use the new funding to expand and strengthen its global presence, particularly in the United States and Europe, as well as to accelerate product development for critical care and community diagnostics.
Qure.ai has carved out a niche for itself by developing advanced technology that reads and interprets medical images such as X-rays, CT scans, and ultrasounds in less than a minute, making equitable and high-quality healthcare a reality around the world.
Qure’s AI solutions are FDA-approved, CE-certified, and World Health Organization-approved.
In the fight against Traumatic brain injury (TBI) and lung illness, Qure.ai has two flagship products: qER and qXR. The qXR instrument provides automated interpretation of chest x-rays.
The expertise accurately detects irregular chest x-ray findings and can be used to differentiate between regular and irregular x-ray findings, for pre-read assistance, or as a radiology audit tool.
To provide fast and accurate head CT scan evaluation, the qER instrument (for TBI and stroke detection) can detect intracranial hemorrhages, subdural bleeds, midline shift, and mass impact (for tumor detection).
It has 32 collective peer review journals and convention papers under its belt, as well as a review in The Lancet.
Automated tools save time
Qure.ai’s automated medical imaging tools can reduce time to diagnosis while allowing physicians to triage medical cases more effectively, which is especially important in time-sensitive situations.
This enables healthcare providers to identify critical scenarios in minutes rather than hours, preventing fatalities and improving patient care quality.
Qure’s technology is used as the first level of screening for many infections and noncommunicable diseases in other settings where adequate, skilled specialists may not be available.
Prashant Warier, CEO and founding father of Qure.ai, stated, “In the last two years, we have received 3 FDA clearances across 12 different capabilities and CE certifications across all our products and scaled 10-15 times in terms of revenue.
We are present in 50 countries touching 4 million lives on an annualized basis. We have around 100 products and we plan to expand our footprint organically and inorganically,” he stated.
Amit Kakar, senior accomplice, head of Novo Holdings Equity Asia, stated, “Qure.ai is enabling access to healthcare and diagnosis of crucial ailments TB, stroke, lung nodules leading to lung cancer and that combination at the intersection of healthcare and tech is something that made Qure.ai extremely attractive to us from an investment perspective.”
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