Predible Health Pvt. Ltd, a startup that builds AI-powered apps that interpret medical scans for radiologists diagnosing cancer, has raised money through its first round from Unitus Seed Fund, a seed-stage impact venture player. AI is artificial intelligence.
The value of the funding was not disclosed.
The fund typically invests Rs 2-2.5 crore ($300,000-400,000) in a company, and offers additional amounts depending on the stage of the business, Srikrishna Ramamoorthy, partner at Unitus, told VCCircle in an interview last year.
Bengaluru-based Predible’s chief executive Suthirth Vaidya said the funding would help the firm scale up the development of its AI platform as well as enable it to invest in existing products such that they get regulatory approvals. Predible currently has tie-ups with healthcare entities including Tata Memorial Hospital (Mumbai), Mahajan Imaging (Delhi) and Narayana Health (Bengaluru), said the release by Unitus.
“Apart from commercial product development, we are also engaging with leading medical institutions to pursue research in advancing deep-learning tech to solve high-impact problems in healthcare for developing countries such as India,” said Abhijith Chunduru, chief technology officer at Predible.
Incorporated in 2016, Predible was founded by IIT-Madras graduates Vaidya, Chunduru and Deepak Mohan.
Predible helps radiologists diagnose liver and lung cancer through its AI-enabled cloud software that the startup says “interprets images with superior accuracy and faster speed”. The firm says the software gives insights that help physicians characterise diseases and plan and deliver personalised treatment.
“Predible has built an AI-enabled cancer radiology platform that aids radiologists and surgeons to accurately and quickly diagnose and size up the cancerous tissue to help plan personalised treatment,” said Milind Shah, healthcare venture partner at Unitus.
Shah joined Unitus in May 2017 with a mandate to invest in 8 to 10 healthcare businesses by 2021. At the time of his appointment, Unitus said it had earmarked Rs 100 crore ($15.3 million) for healthcare startups.
Unitus does impact venture investing in startups across sectors including healthcare, education, and financial services. Founded in 2012, Unitus is managed by Capria Ventures, which is part of the Unitus Group.
Unitus’s bets from the first fund in healthcare include health technology developer UE Lifesciences Inc., paediatric healthcare chain AddressHealth Solutions India Pvt. Ltd and dental clinic chain Smile Merchants.
In January, Unitus invested in Awign Enterprises Pvt. Ltd, a Bengaluru-based operations and sales outsourcing startup.