Online medical diagnostics platform 5C Network in Bengaluru acquired US-based artificial intelligence healthtech firm Krayen. Tata 1MG also made a strategic investment in 5C Network. With this acquisition, 5C Network claims it will triple the amount of digital scans it currently performs, with a target of one billion scans yearly by 2025.
In October 2022, the $4.6 million Series A financing round for 5C Network was spearheaded by deep tech venture capital firm Celesta Capital. Together with angel investors Ajay Gupta (emeritus partner at McKinsey & Co.), Rohit Razdan, and Shiv Tallam, Unitus Ventures and Axilor Ventures also invested in the round.
The market for medical diagnostics in India is $11 billion and growing at a rate of 16% annually. According to the statement, 5C has been working to transform the entire diagnostic experience for patients, from scheduling a test to receiving accurate and quick reports digitally, with an average turnaround time of 39 minutes and an accuracy of over 99.3%.
In 2020, Bargava Subramanian and Kirthiraj Yuvaraj established Krayen in California. Krayen uses computer vision and natural language processing to help hospitals and other healthcare facilities deliver better patient outcomes. Internationally, Krayen is already providing services to 15 clients.
Because of the startup’s vertically-focused generative AI, hospitals may offer customized treatment plans. The platform analyzes patient information such medical history, genetics, and lifestyle factors to recommend personalized therapy options for each patient.
We can’t wait to take use of Krayen’s expertise in platform engineering, data, AI, and ML. CEO of 5C Network Kalyan Sivasailam claims “We are aiming to create a platform that is clever and durable that can withstand a billion scans annually. Krayen’s ability to process massive volumes of data and generate meaningful information will aid 5C in achieving this. 5C Network is now developing the most important digital resources in India, according to Bargava Subramanian, cofounder and CEO of Krayen.
We believe that while trying to find better diagnoses, our in-depth expertise of AI, ML, deep learning, and data engineering is an essential component of the puzzle.”
We have experienced the issue and effects of delayed, incorrect, and unactionable diagnosis as a team. Since we share 5C’s vision and mission, the Krayen team is more motivated than ever to strive towards achieving this goal, he continued.
Startup In AI Healthtech Krayen Is Acquired By 5C Network, Financed By Tata 1MG
Editors Corner
Recommended News
Google: AI From All Perspectives
Alphabet subsidiary Google may have been slower than OpenAI to make its AI capabilities publicly available in the past, but...
US And UK Doctors Think Pfizer Is Setting The Standard For AI And Machine Learning In Drug Discovery
New research from Bryter, which involved over 200 doctors from the US and the UK, including neurologists, hematologists, and oncologists,...
An Agreement Is Signed By MEA, MeitY, And CSC To Offer E-Migration Services Via Shared Service Centers
Three government agencies joined forces to form a synergy in order to deliver eMigrate services through Common Services Centers (CSCs)...
PR Handbook For AI Startups: How To Avoid Traps And Succeed In A Crowded Field
The advent of artificial intelligence has significantly changed the landscape of entrepreneurship. The figures say it all. Global AI startups...
Related Posts
IndiaNext Brings you latest news on artificial intelligence, Healthcare & Energy sector from all top sources in India and across the world.
Recent Posts
© India Next. All Rights Reserved. | Privacy Policy
|
Web Design & Digital Marketing by Heeren Tanna
