Healthcare AI startup Qure.ai closed a $65 million Series D financing round on Wednesday. The startup — which is headquartered in India — plans to use the capital to expand its presence in the U.S., as well as increase its investment in foundational AI models and acquire medtech companies.
The funding round was led by Lightspeed and 360 ONE Asset. Other participants included Merck Global Health Innovation Fund, Kae Capital, Novo Holdings, Health Quad, and TeamFund.
Qure, which was founded in 2016, has international offices in New York, London and Dubai.
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The startup’s AI platform was trained on “billions of clinical datasets” to identify anatomical anomalies on medical images produced by X-rays and CT scans, said co-founder and CEO Prashant Warier.
“Qure’s technology recognizes patterns within these images to detect, for example, high-risk lung nodules that can be indicative of lung cancer, or early signs of stroke or brain bleeds from head injuries. The AI compares new patient scans with its vast database of past clinical cases, helping to identify abnormalities that would otherwise be difficult for the human eye to see,” he explained.
Through automation, Qure also facilitates faster and more accurate diagnoses, saving time for radiologists or pulmonologists, Warier added.
He also said that Qure has a greater goal of making healthcare more accessible and equitable.
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“[Qure seeks] to reach communities that are underserved, disconnected or experiencing delays in healthcare provision. This includes remote villages and prisons in developing nations with resource constraints such as Indonesia, Haiti or Nigeria, and in mature healthcare systems facing pressures such as backlogs, burnout or radiology recruitment shortages in the U.S., Canada and U.K.,” Warier declared.
He noted that Qure’s technology is “particularly beneficial” for resource-constrained healthcare facilities where access to skilled radiologists is often limited. By integrating the AI software into their existing imaging systems, providers can better prioritize cases, as well as deliver faster and more accurate diagnoses, Warier remarked.
Qure’s solutions are currently deployed in more than 90 countries, and the technology is currently live at more than 3,100 active sites ranging from major hospitals to community clinics, he said.
“Our AI is in action detecting early signs of stroke on CT scans or lung nodules via X-ray in the U.K. NHS Trusts, in U.S. hospitals including University Hospitals in Cleveland, via major U.S. teleradiology providers such as vRAD, and even in vans in the Philippines or on horseback in Lethoso, South Africa to identify tuberculosis in remote locations,” Warier declared.
In addition to providers, pharmaceutical companies, especially those involved in clinical trials, are beginning to adopt Qure’s solutions to measure and monitor imaging-based research, he stated. Some of Qure’s pharmaceutical customers include AstraZeneca, Johnson & Johnson and Viatris.
When asked whether Qure is thinking about a public exit anytime soon, Warier said that for now, the company’s focusing is on continuing to build its market globally and “venturing deeper into meeting the healthcare challenges of the U.S.”
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