Qure.ai (Qure), a health tech firm exploiting Artificial Intelligence (AI) for medical imaging diagnostics, has reserved $40 million in a funding round led by Novo Holdings and HealthQuad, supported by existing investor MassMutual Ventures. Qure.ai will employ the new investment to develop and bolster its global reach, specifically in the US and Europe, and amplify product development for critical care and community diagnostics.

HealthQuad is an India-based digital health-focused venture capital fund with $200 million of assets beneath management across two funds.

Qure.ai has two flagship products—qER and qXR—for battling TBI and lung disease. The qXR instrument provides automated chest x-ray interpretation. The technology accurately witnesses abnormal chest x-ray results and can be used to discern between normal and abnormal x-ray findings, for pre-read assistance, or as a radiology audit tool.

The qER tool (for TBI and stroke detection) can detect intracranial hemorrhages, subdural bleeds, midline shift, and mass effect (for tumor detection) to deliver swift and exact head CT scan analysis. It has 32 collective peer review journals and conference papers under its belt, including a review in The Lancet.

It has created a niche for itself with advanced technology that reads and analyzes medical images like X-rays, CTs, and Ultrasounds in less than a minute, producing equitable and high-quality healthcare existence across the globe. Its solutions are FDA-approved, CE-certified, and assessed by the World Health Organization.

Prashant Warier, CEO and founder of Qure.ai, expressed, “In the last two years, we have received 3 FDA clearances across 12 different capabilities and CE certifications across all our products and scaled 10-15 times in terms of revenue. We are present in 50 countries touching 4 million lives on an annualized basis. We have around 100 products and we plan to expand our footprint organically and inorganically.”

Amit Kakar, senior partner, head of Novo Holdings Equity Asia, voiced, “Qure.ai is enabling access to healthcare and diagnosis of crucial ailments TB, stroke, lung nodules leading to lung cancer and that combination at the intersection of healthcare and tech is something that made Qure.ai extremely attractive to us from an investment perspective.”

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