Radiology platform 5C Network (India) Pvt. Ltd said Tuesday it has raised $1.2 million (Rs 8.84 crore) in its pre-Series A funding round from existing investors Unitus Ventures and Axilor Ventures.
Kalyan Sivasailam, CEO at 5C Network, said in a statement the company will use the fresh capital to boost its products and services that help doctors and patients make better decisions.
5C Network, which was founded by Sivasailam and Syed Ahmed, allows hospitals and diagnostics centres to upload scans to the cloud where automated data extraction and analysis is done by its proprietary algorithm.
The startup says it has partnered with over 600 hospitals and diagnostic centres across 27 states in India. These hospitals and diagnostics centres send more than 100,000 cases a month to the company for diagnosis.
In the next one year, 5C Network aims to expand its client base to over 2,500 hospitals and diagnostic centres.
In the past six months, the company said it recorded about 3,300 scans per day amid the coronavirus pandemic.
Surya Mantha, senior partner at Unitus Ventures, said 5C Network is experiencing huge demand from untapped markets in India and overseas, and it plans to expand rapidly into these regions.
Unitus Ventures, formerly known as Unitus Seed Fund, marked the first close of its second fund at Rs 100 crore in April 2018.
In August this year, Unitus secured $10 million for its second fund from the Small Industries Development Bank of India’s Fund of Funds for Startups initiative. The second fund aims to eventually raise as much as Rs 300 crore.
Earlier this month, Unitus Ventures struck a new bet by investing in ed-tech startup Habitat.
This was the impact firm's second investment in the education space this year. Earlier this year, VCCircle reported that Unitus was investing in Masai School as part of the startup’s Series A round of funding.
The second fund’s other investments include Gigforce, a staffing company; Predible, a cloud-based solution for radiology driven by artificial intelligence; Cyclops Medtech, a medical technology company; and New Street Technologies Pvt. Ltd, which builds blockchain-enabled platforms for financial services companies.
Axilor Ventures is an early-stage investor and accelerator. Its founding partners are Infosys founders Kris Gopalakrishnan and SD Shibulal, former Infosys executive Srinath Batni, Axilor chief executive Ganapathy Venugopal and Tarun Khanna.
In 2018, Axilor had launched a Rs 200-crore seed fund.