Tata 1mg-backed 5C network acquires healthtech startup Krayen
- ByStartupStory | February 24, 2023
Bengaluru-based online medical diagnostics platform 5C Network, which has a strategic investment from Tata 1MG, has acquired US-based artificial intelligence healthtech startup Krayen for an undisclosed sum.
With this acquisition, 5C Network aims to double its digital scanning services targeting a billion scans a year by 2025, the company said.
With this acquisition, 5C aims to combine its expertise in digital diagnostics with Krayen. The merged entity aims to provide accurate diagnostic solutions to healthcare providers and patients, said a statement on Thursday.
Medical diagnostics is a $11-billion market in India growing at a rate of 16% year-on-year. 5C has been attempting to shift the whole diagnostic experience for patients—from booking a test to obtaining accurate and timely reports digitally—with an average turnaround time of 39 minutes and an accuracy of over 99.3%, across India, the statement said.
Krayen was founded by Bargava Subramanian and Kirthiraj Yuvaraj in 2020. The platform focuses on healthcare applications and artificial intelligence models to detect variety of ailments in X-Rays and CT scans. The company claims to have expertise in statistics, analytics, AI/ML, data engineering and platform engineering.
5C Network founded by Kalyan Sivasailam and Syed Ahmed, allows users to store, generate and interpret radiology images across India, and helps hospitals to generate higher returns on their radiology infrastructure.
In March last year, online healthcare firm Tata 1mg has made strategic investment in 5C Network for an undisclosed amount.
5C had secured nearly $4.6 million in a Series A funding round led by venture capital firm Celesta Capital, with participation from Unitus Ventures and Axilor Ventures.
Prior to that, the firm raised $1.2 million in a pre-Series A funding round in December 2020.
“To make diagnostics accurate, accessible and affordable, our new suite of AI products will be a massive leap in becoming the world’s first truly AI-driven diagnostics platform,” said Sivasailam.
“As a team, we have faced the challenge and impact of delayed, incorrect and unactionable diagnosis, and we believe that our deep expertise in AI, ML, Deep Learning and data engineering is an essential piece of the puzzle when solving better diagnostics,” said Krayen’s co-founder Subramanian.
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