Artificial-intelligence-driven health start-up Qure.ai will see the United States become its largest market by FY24, said the company's founder and CEO Prashant Warier in a chat with CNBC-TV18.com.
"The key for us is to expand globally and increase our product portfolio, even as we look to grow organically and inorganically," said Warier, "While a majority of our product development will happen in India, the goal is to make the US our largest market, and we expect this to happen by FY24."
Qure.ai’s projections come from the backdrop of the six-year-old start-up seeing its latest round of funding totaling $40 million led by pure-play healthcare investors Novo Holdings and HealthQuad, and supported by existing investors MassMutual Ventures. The investment will be deployed towards strengthening its global reach, especially in the US and Europe, and "intensify product development" for critical care and community diagnostics.
Also Read:
Over the course of its existence, Qure.ai has made a name for itself by developing AI capable of interpreting medical scans like X-rays, CTs, and ultrasounds in less than a minute. This in turn has helped geographies bereft of medical personnel receive timely medical assistance based on the interpretations of test reports.
"We initially believed that the need for this tech would be more in developed countries, but the trend today indicates that the reverse is more relevant," said Warier, "We have seen remote parts of Assam, Bihar, and Maharashtra among other rural locations utilize Qure.ai’s technology."
What has validated the start-up’s efforts is the entry of Novo Holdings as its new investor. The funding marks the Danish firm’s first-ever investment in an Indian start-up.
Also Read: How will the metaverse change banking?
"We are 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," read a statement from Novo Holdings’ Senior Partner, Amit Kakar, "We are excited to connect Qure.ai to our portfolio partners as we see several promising synergies."
Warier believes the coming together of a premier healthcare investor and a promising Indian start-up could well be the start of an exciting new innings for both companies. "The company (Novo Holdings) is based in Copenhagen and we met with them a year ago to learn that the team was quite excited about what we’re bringing to the table," he said.
With a bevy of orders in the pipeline and expansion at a quicker-than-estimated pace, Qure.ai is expected to register three-fold growth this year, as it looks to break new ground on the product and location front.
Also Read: Investors made Rs 450 per share on this tyre stock today; do you have it in your portfolio?
(Edited by : Jomy Jos Pullokaran)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
LS Elections 2024 | BJP moves Supreme Court against Calcutta HC order staying ads violating Code of Conduct
May 24, 2024 3:58 PM
Supreme Court refuses to direct disclosure of polling data under Form 17C
May 24, 2024 12:08 PM
The Election Commission’s voter turnout data: The concerns and a court case
May 24, 2024 11:53 AM