Healthcare AI startup Endimension has raised Rs 2.3 crore in a seed funding round from Inflection Point Ventures, one of India’s largest angel investment platforms. The funds raised will be utilised to acquire talent for new product development, R&D and for ramping-up the sales team to fuel further growth.
The AI platform of the startup helps to automatically detect abnormalities and diseases, via AI algorithms from medical scans, so as to reduce patient misdiagnosis and increase Radiologists’ efficiency.
“There is a global shortage of radiologists leading to radiologist burnout and patient misdiagnosis. The number of medical images is increasing exponentially whereas radiologists are only growing linearly. We wanted to bridge this demand-supply gap using our Radiology AI Platform. Our AI platform improves radiologist efficiency and reduces patient misdiagnosis,” said Bharadwaj Kss, founder & CEO, Endimension. He is an alum of IIT Madras and IIT Bombay and has experience of over a decade in AI and machine learning research.
Ankur Mittal, co-Founder, Inflection Point Ventures, said, “Cutting edge technologies are being used in many complex treatments and surgeries. These are early days for application of AI and ML at the diagnostic stage, not only in India but worldwide. The use cases range from providing teleradiology services to medical institutions in the west to supporting lack of infrastructure in remote parts of India. Endimension is building a unique GTM for Indian market and have entered in to couple of interesting JVs in related areas in the west building additional valuation opportunities for its investors.”
Endimension stood first in India at the LUNA-16 International Radiology AI Hackathon competition, competing with over 350 Indian teams. The startup has also received “Life Science Award” at Asian Entrepreneurship Awards in Japan in 2020.
The global AI in medical diagnostics market is projected to reach $ 3,800 million by 2025 from $ 500 million in 2020, growing at a CAGR of 50.2% during the forecast period. Growth in this market is primarily driven by government initiatives to increase the adoption of AI-based technologies, increasing demand for AI tools in the medical field, growing focus on reducing the workload of radiologists, influx of large and complex datasets, growth in funding for AI-based startups, and the growing number of cross-industry partnerships and collaborations.
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