Qure.ai, the India-based developer of an automated X-ray tool, has received $16m in funding from investors including insurance firm Massachusetts Mutual Life Insurance.
The round was led by venture capital firm Sequoia India and Massachusetts Mutual invested through corporate venturing vehicle MassMutual Ventures Southeast Asia.
Founded in 2016 as a spinoffof artificial intelligence services provider Fractal Analytics, Qure supplies medical diagnostics software that applies AI to radiology scans, helping clinicians spot visual indications of abnormalities like brain injuries or tuberculosis.
Qure’s model was trained using more than 7 million existing scans. It currently forms the basis for three products, all of which are approved for use in the European Union. The capital will fund research and product development, and to prepare regulatory submissions in new markets.
Ryan Collins, MassMutual Ventures SEA’s managing director, said: “We are excited to partner with Qure.ai, improving access, efficacy and efficiency in clinical care.
“Very few companies in this category have achieved this level of both academic and real-world validation, and Qure.ai is leading across multiple use-cases and modalities.”