NIRAMAI, the Bangalore based health tech company which has developed a solution for breast cancer screening has bagged a Series A round investment of $6 million which was led by Japan-based Dream Incubator, a platform which helps startups in growth and expansion.
Beenext, the Singapore-based venture fund along with a number of existing backers pi Ventures, Ankur Capital, Axilor Ventures and Binny Bansal also participated in the financing round. Dream Incubator Advisory and Investment India's managing director Eto Munehiko is set to join the board of Niramai. The company in a statement said that the fresh funds will help them in scaling their operations in the country. A decent chunk of the freshly raised capital will also be used in recruiting top talents.
The company was founded by Geetha Manjunath and Nidhi Mathur in 2016. The company name, NIRAMAI stands for Non-Invasive Risk Assessment with Machine Intelligence. The platform uses machine learning and big data analytics to detect breast cancer in the early stages instead of using the method of thermal images. Thermalytix is Niramai's main product, a portable, non-invasive, radiation-free, and non-contact solution which detects cancer at an early stage with accuracy in all age group women.
It currently has 20 installations in hospitals and diagnostic centers in cities like Bangalore, Mysore, Hyderabad, Mumbai, Dehradun, and Pune. The company generates revenues by selling its devices to hospitals and diagnostic centers.
Munehiko commenting on the development through a press statement said, “We believe in the potential of Niramai 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.”
Pi Ventures' managing partner Manish Singhal through a press release said, “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. AI diagnostic tools are helping doctors scour through data to better diagnose a variety of abnormal conditions and is the only way to bridge the huge demand and supply gap when it comes to quality healthcare.”
Image Courtesy : forbes, niramai