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you are here: HomeNewsBusiness raises $40 million from Novo Holdings, HealthQuad

The money will be used to intensify product development om critical care and community diagnostics and also to strengthen global reach, said

March 29, 2022 / 06:53 PM IST
Representative Image

Representative Image, a health tech firm that uses artificial intelligence for medical imaging diagnostics, said on March 29 that it raised $40 million in a funding round led by Novo Holdings and HealthQuad. The round also saw the participation of existing investor MassMutual Ventures.

The funds raised would be used for intensifying product development for critical care and community diagnostics and also strengthening the company's global reach.

"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,” Founder-CEO Prashant Warier said.

Fractal Analytics and Sequoia Capital are among the other investors in the startup that uses advanced technology to read and interpret medical images like X-rays, CT scans, and ultrasounds in less than a minute.

The AI solutions are FDA-approved, CE-certified, and evaluated by the World Health Organization, the company said.

Close's automated medical imaging tools shorten the time to diagnosis while enabling physicians to triage medical cases more effectively, especially in time-sensitive situations, it said.

Novo Holdings is a healthcare and life sciences investor. They would connect to their portfolio partners, as they see “several promising synergies”, said Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia.

"We are very pleased to join the outstanding team at and to contribute to their efforts of providing world-class AI solutions in the imaging space, for the benefit of patients worldwide,” he said.

Charles-Antoine Janssen, Chief Investment Officer, HealthQuad, said's technologies adhered to the most stringent international standards and had made high-quality and accessible care a reality.

HealthQuad is India’s leading digital health-focused venture capital fund managing assets worth $200 million across two funds.

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Moneycontrol News
first published: Mar 29, 2022 06:53 pm
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