Digital diagnostics platform 5C Network has made its first acquisition by buying California-based healthtech company Krayen for an undisclosed amount.
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.
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. It serves 15 clients globally,
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.