NIRAMAI will utilise the funds for expansion in India, recruiting top talent and to get additional regulatory approvals for global expansion
NIRAMAI Health Analytix, an artificial intelligence (AI)-based healthtech start-up, has raised US$ 6 million in a Series A round of funding led by a Japanese venture capital (VC) firm – Dream Incubator, along with the participation from VC firm BEENEXT and other investors.
The investors including Ankur Capital, pi Ventures, Axilor Ventures and Binny Bansal, who earlier invested in the start-up also participated in the Series A round.
NIRAMAI will utilise the funds for expansion in India, recruiting top talent and to get additional regulatory approvals for global expansion.
Following the investment, Eto Munehiko, Managing Director, Dream Incubator Advisory and Investment India, will join the board of the start-up.
AI-based technology is key
Speaking about the development, Dr. Geetha Manjunath, CEO, NIRAMAI, said, “NIRAMAI helps to bridge the gap in our healthcare delivery systems by providing an AI tool that is accurate, affordable and accessible to all. If institutionalised as regular screening method, NIRAMAI Thermalytix has the potential to save many lives not just from breast cancer deaths but eventually other diseases as well.”
Munehiko, said, “We are excited about partnering with NIRAMAI that is building a truly deep-tech solution out of India. We also believe in the potential of their technology to solve global health problems at scale. The disruptive AI-based technology is key to early detection of disease and saving lives especially where there is a shortage of skilled medical professionals and dense breast ratio is high. Dream Incubator would support NIRAMAI’s international expansion including Japan.”
Founded in July 2016, NIRAMAI has earlier raised a seed round of US$ 1 million in April 2017. The start-up has developed Thermalytix, a non-invasive, non-contact and radiation-free solution for detecting early stage breast cancer. Thermalytix can also be applicable for other areas of diagnostics.