Qure.ai has received an equity investment from Novo Holdings, HealthQuad and MassMutual
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 utilizes deep learning technology to provide automated interpretation of radiology examinations like x-rays, computerized tomography (CT) scans, ultrasounds and magnetic resonance imaging (MRI) scans for time and resource-strapped medical imaging professionals—enabling faster diagnosis and speedier treatment. Qure.ai is helping to make healthcare more accessible and affordable to patients worldwide.
Qure.ai has secured $40 million in a funding round led by Novo Holdings A/S 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 U.S. and Europe, and intensify product development for critical care and community diagnostics.
Prashant Warier, Chief Executive Officer and Founder of Qure.ai, stated, “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 U.S. 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.”
The Lincoln team was engaged in discussions with the founder much ahead of the process to gain deeper learning about the business. Further, Lincoln invited Qure.ai for Lincoln’s Growth Conference where the company attracted strong interest from several global marquee investors.
Gaurav Marathe, Managing Director in Lincoln’s Mumbai office, commented, “Health tech has emerged as one of the most attractive segments for investments globally. The adoption of health tech-led business models has been accelerated by COVID-19, especially in segments where it 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.”
Novo Holdings is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group. Novo Holdings is recognized as a leading international life sciences investor, with a focus on creating long-term value. As a life sciences investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets.
HealthQuad is India’s leading digital health focused venture capital fund with $200 million assets under management across two funds. Its focus is to nurture innovative models which radically improve healthcare access and affordability leveraging technology.
Lincoln contacted investors to identify the right partners that would recognize and value what the company has already achieved and understand and embrace its technological DNA while bringing all the necessary support to fuel its next development phase. Further, Lincoln played a pivotal role in efficiently managing the process and helping us unlock the true value.
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