Funding Alert
Tata 1mg and others have invested in Digital Diagnostic Startup 5C Network
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ByStartupStory | March 17, 2022
Tata 1mg, a health tech business based in Gurugram, has made an undisclosed investment in Bengaluru-based digital diagnostic startup 5C Network. Other investors in the round included Vikram Vuppala (founder and CEO of Nephroplus), Om Manchanda (managing director of Lal Pathlabs), and Viren Prasad Shetty (COO of Narayana Health).
5C Network, founded by Sivasailam and Syed Ahmed in 2016, provides radiological services across India. The digital platform includes a panel of radiology experts who interpret radiology images, allowing hospitals and diagnostic centres to maximize their return on investment (ROI) on their equipment. 5C Network allows hospitals and diagnostic centres to upload patient reports to its cloud-based platform, where its proprietary ML algorithm automates data extraction and analysis.
Unitus Ventures, Axilor, and Ahmedabad CIIE contributed an undisclosed amount to the startup’s seed funding round in 2019 to help it grow its service across cities and add more creative solutions to the platform. 1mg’s objective is to enhance healthcare outcomes through technology, which is quite similar to 5C Network’s.
Tata 1mg, which was founded in 2011 by Tandon, Gaurav Agarwal, and Vikas Chauhan, is a healthcare digital platform that offers services such as epharmacy and econsultation to the general public.
Earlier in 2020, the Tata-backed business received $1.2 million in pre-Series A funding from Unitus Ventures and Axilor Ventures. Tata Digital, a wholly-owned subsidiary of Tata Group, purchased a controlling share in 1mg in June 2021.
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