Qure.ai (Qure) one of the leading health tech firms using Artificial Intelligence (AI) for medical imaging diagnostics, said that it has secured $40 million in a funding round led by Novo Holdings 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 US and Europe, and intensify product development for critical care and community diagnostics.
"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 US and Europe,” said Prashant Warier, CEO and founder, Qure.ai. “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.”
Qure.ai has created a niche for itself with advanced technology that reads and interprets medical images like X-rays, CTs, and Ultrasounds in less than a minute, making equitable and high-quality healthcare a reality across the globe. Qure's AI solutions are FDA-approved, CE-certified, and evaluated by the World Health Organization.
“We are very pleased to join the outstanding team at Qure.ai and to contribute to their efforts of providing world-class AI solutions in the imaging space, for the benefit of patients worldwide,” said Dr Amit Kakar, senior partner, head of Novo Holdings Equity Asia.
“Qure.ai is at the forefront of transforming diagnostics in both acute and chronic ailments, which is fully aligned with our mission of advancing high-quality and accessible healthcare using innovation and digitization. Further, we are excited to connect Qure.ai to our portfolio partners as we see several promising synergies,” said Kakar. Copenhagen-headquartered Novo Holdings is a world-leading healthcare and life sciences investor with a focus on creating long-term, sustainable value.
Qure.ai's automated medical imaging tools can shorten the time to diagnosis while enabling physicians to triage medical cases more effectively, especially in time-sensitive situations. This helps healthcare providers identify critical scenarios within minutes — versus hours — to avert fatalities and improve the quality of patient care. In other settings, where adequate, skilled specialists may not be available, Qure's technology is used as the first level of screening for many infections and non-communicable conditions.
"We are thrilled to be part of the Qure team. Their world-class AI technologies adhere to the most stringent international standards, and have made high-quality, accessible care a reality,” said Charles-Antoine Janssen, chief investment officer, HealthQuad, a leading digital health-focused venture capital fund. “We remain committed to collaborating with innovative firms that work to improve global healthcare infrastructures."
Ajay Mahipal, director, HealthQuad, said that through noteworthy collaborations with ministries of health and government entities like the NHS, pharmaceuticals like AstraZeneca, and international advocacy groups like StopTB, amongst others, Qure has already built a network of global commercial partnerships. “The pandemic has also accelerated the shift to digital transformation, and we are proud to back their growth,” said Mahipal.
Ryan Collins, managing director, MassMutual Ventures said the Qure team is exceptional and the progress on product development, now across many different imaging modalities and use cases, as well as global expansion, has been outstanding. “We are very happy to continue supporting Qure and welcome Novo and HealthQuad as partners,” said Collins.
Other existing investors in the firm include Fractal analytics and Sequoia Capital.