Niramai has developed an AI-based early stage breast cancer screening device.
Bengaluru, 25 Feb, 2019. RedNewswire/-
Artificial intelligence based healthtech startup NIRAMAI Health Analytix, has announced that it has closed $6 Mn in Series A funding round led by Dream Incubator, a Japanese VC firm, with participation from BEENEXT and other investors.
Existing investors pi Ventures, Ankur Capital, Axilor Ventures, and Flipkart co-founder Binny Bansal also participated in the round.
The newly raised funds will be used for scaling its operations in India, hiring top talent and getting additional regulatory approvals for international expansion.
Niramai was founded by Geeta Manjunath and Nidhi Mathur, former Xerox Research Center and Hewlett Packard Labs employees in 2016.
NIRAMAI is creating a revolution in breast health screening with its patented technology called Thermalytix. Its features include free from harmful radiation, non-invasive, works for women of all ages, portable device and automated detection using machine learning.
Dr. Geetha Manjunath, CEO and CTO of NIRAMAI, says, “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. We are thankful to the continued support and mentorship provided by our seed investors and are excited to join hands with our new investors to propel us to next level of growth.”
Eto Munehiko, Managing Director, Dream Incubator Advisory and Investment India, who will join Niramai board, says, “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.” Dream Incubator has invested in more than 160 companies across 8 countries and supported 28 IPOs.
Manish Singhal, Founding Partner, pi Ventures added, “We believe that NIRAMAI’s team and technology will create a significant difference in early detection of breast cancer and are happy to continue backing them in their journey.”
Last year in November, NIRAMAI has raised about $6-7 Mn from early stage investment firms Pi Ventures, Axilor Ventures, Ankur Capital and Flipkart co-founder Binny Bansal.
Earlier in April 2017, Niramai raised an undisclosed amount of funds from Pi Ventures, Binny Bansal, Axilor Ventures, Ankur Capital, and 500 Startups.