Growing imaging artificial intelligence firm Qure.ai has raised $40 million in new capital, leaders announced Tuesday.
Copenhagen, Denmark, healthcare investment firm Novo Holdings pitched in the funds alongside HealthQuad, India’s largest venture capital fund. Qure.ai said it will use the money to expand its geographic reach while ramping up product development.
First launched in 2016, the AI firm offers products that help physicians read and interpret X-ray, CT and ultrasound images “in less than a minute.” Qure.ai scored its first U.S. FDA clearance in June 2020 for a head CT product called qER, used to triage scans with four different clinical concerns.
“Our goal is to continue being bullish in our market expansion, especially in the U.S. and Europe,” said Prashant Warier, CEO and founder of Qure.ai, which has offices in India, the United States and the U.K. “We are committed to aiding healthcare professionals in diagnosing illnesses faster and with more detail and accuracy while automating most of the routine work.”
Other existing investors include MassMutual Ventures, Sequoia Capital and Fractal analytics. The latter specializes in artificial intelligence and just recently reached “unicorn” status with its own $360 million investment.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.