India’s Qure.ai, an artificial intelligence healthcare startup, on Wednesday said it has closed a $65-million Series D funding round led by Lightspeed and 360 ONE Asset.
While new investors Merck Global Health Innovation Fund and Kae Capital also joined the round, existing investors including Novo Holdings, Health Quad, and TeamFund reupped.
The investment will expedite Qure.ai’s expansion into the US market and other geographies, increase investment into foundational AI models, and enable complementary med-tech company acquisitions.
Founded in 2016, Qure.ai uses deep learning and AI for efficient identification and management of tuberculosis, lung cancer, and stroke to support clinicians and propel developments in the pharmaceutical and medical device industries.
Based in Mumbai, Qure.ai’s solutions are deployed in 90 countries across 3,000+ sites, powering the efficient identification and management of critical diseases.
Dev Khare, Partner at Lightspeed, said, “With diagnostic specificity and sensitivity at levels rivaling radiologists and physicians, Qure is making quality healthcare accessible in the US and Europe as well as globally in Asia, Africa, and Latin America.”
“Qure.ai’s work in helping detect and diagnose TB in real-time in low-resource and high-disease burden regions across the world has the potential for massive impact. In high mortality disease like lung cancer, by enabling earlier diagnosis and treatment, Qure can be transformational in improving clinical outcomes,” said Tarun Sharma, Fund Manager at 360 ONE Asset.
“Qure.ai has become a trusted medical imaging AI partner to hospitals and healthcare organisations around the world. Our work is helping unlock clinical efficiencies and drive up the standard of care delivered to patients in the focus areas of TB, lung cancer, and stroke,” said Prashant Warier, co-founder and CEO of Qure.ai.
“AI helps to overcome healthcare bottlenecks, from imaging reporting backlogs and low screening uptakes to workforce resource constraints, not just in Western societies like the US and Europe but in developing nations too.
Other investments by Lightspeed in India include PhysicsWallah, Pocket FM, Sharechat, OkCredit, and Udaan. Most recently, Lightspeed led a $20-million seed round in wealth management platform Centricity last week.
360 ONE Asset, part of the 360 ONE group, is one of India’s largest alternate asset managers with overall alternates AUM and public market mandates of more than $8.5 billion. 360 ONE private equity funds have invested in 101 companies, including 30 unicorns. Its portfolio companies in India include makeO; ANAROCK, CoreEL Technologies, Disprz, and Course5 Intelligence.
