New Delhi: Healthcare AI startup Endimension has raised Rs 2.3 Cr in a Seed 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 boosting the sales team to fuel further growth.
Currently, the startup stands strong with a commendable in-house AI technology team and a combined experience of over 35 years. 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.
Ankur Mittal, Co-Founder, Inflection Point Ventures says, “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. Many Companies are working on building intelligence for different body parts which shows the opportunity at play here. The use cases range from providing teleradiology services to medical institutions in the west to supporting lack of infrastructure in remote parts of India. Shortage of good radiologists worldwide is another key driver. 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. Overall, we are very excited to support a group of talented and enterprising founders in this very exciting and upcoming field.”
Endimension stood 1st 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.
It has also been awarded as ‘Digital Transformation of Health’ by IIM Ahmedabad and TIE Mumbai, 2019, along with being chosen as the top ‘3’ startups at SIDBI Investors Day Meet in 2020. Deployed for radiology reporting at 100 hospitals and radiology labs, Endimension was selected for NVIDIA AI Inception Program and is a part of ‘Microsoft for Startups’ Community.
Bharadwaj Kss, Founder & CEO, Endimension is an alumnus of IIT Madras and IIT Bombay and has experience of over a decade in Artificial Intelligence and Machine Learning research. He says, “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. The team at IPV believed in our cause and vision and are supporting us with growth strategy and investment.”
The global AI in medical diagnostics market is projected to reach USD 3800 million by 2025 from USD 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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