Qure.ai (Qure), an India-based health tech firm using Artificial Intelligence (AI) for medical imaging diagnostics, announced Tuesday that it has secured $40 million in a funding round led by Novo Holdings and HealthQuad, supported by existing investor MassMutual Ventures (MMV).

Qure said in a statement it will use the new investment to extend and strengthen its global reach, especially in the United States and Europe, and intensify product development for critical care and community diagnostics.

Qure is a breakthrough AI solution provider that is disrupting the radiology “status quo” by enhancing imaging accuracy and improving health outcomes with the assistance of machine-supported tools. It taps deep learning technology to provide automated interpretation of radiology examinations like X-rays, CTs, Ultrasounds and MRI scans for time and resource-strapped medical imaging professionals—enabling faster diagnosis and speed to treatment. It is helping to make healthcare more accessible and affordable to patients worldwide.

Qure’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, its technology is used as the first level of screening for many infections and non-communicable conditions.

“We are very pleased to join the outstanding team at Qure and to contribute to their efforts of providing world-class AI solutions in the imaging space, for the benefit of patients worldwide. Qure 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 to our portfolio partners as we see several promising synergies,” said Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia.

Novo Holdings is a healthcare and life sciences investor with a focus on creating long-term, sustainable value. Headquartered in Copenhagen, with offices in San Francisco, Boston, London and Singapore, it has a portfolio of more than 150 companies.

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. We remain committed to collaborating with innovative firms that work to improve global healthcare infrastructures,” said Charles – Antoine Janssen, Chief Investment Officer, HealthQuad.

“It’s no accident that Qure is one of the leading startups thriving in the health tech sector. Through noteworthy collaborations with ministries of health and government entities like the National Health Service (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,” added Ajay Mahipal, Director, HealthQuad.

HealthQuad is India’s digital health focused venture capital fund with assets under management of $200 million across two funds. Its focus is to nurture innovative models which radically improve healthcare access and affordability leveraging technology.

“We have been incredibly impressed with Qure’s progress since we first invested over two years ago. The 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 Holdings and HealthQuad as partners,” said Ryan Collins, Managing Director, MMV.

MMV is a multistage, global venture capital firm investing in digital health, financial technology, enterprise software, and cybersecurity companies. Its sole limited partner is MassMutual, a Fortune 500 financial services company with assets under management of $460 billion.

“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. 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,” said Prashant Warier, Chief Executive Officer and Founder of Qure.

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