Tata 1MG-backed 5C Network acquires AI healthtech startup Krayen
By Team Startupcity | Friday, 24 February 2023, 09:11 IST
US-based artificial intelligence healthtech startup Krayen was purchased by Bengaluru-based online medical diagnostics platform 5C Network, which has a strategic investment from Tata 1MG. According to the firm, 5C Network hopes to treble the number of digital scans it does with this acquisition, with a goal of a billion scans annually by 2025.
Celesta Capital, a deep tech venture capital firm, led the $4.6 million Series A financing round for 5C Network in October 2022. Additional investors Unitus Ventures and Axilor Ventures joined the round as well as angel investors Ajay Gupta (emeritus partner at McKinsey & Co.), Rohit Razdan, and Shiv Tallam.
In India, the market for medical diagnostics is worth $11 billion and expanding at a 16% annual rate. With an average turnaround time of 39 minutes and an accuracy of over 99.3%, 5C has been aiming to change the entire diagnostic experience for patients, from booking a test to obtaining accurate and speedy reports digitally, according to the statement.
In 2020, Krayen was founded in California by Bargava Subramanian and Kirthiraj Yuvaraj. Krayen enables hospitals and healthcare providers to provide improved patient outcomes by utilising computer vision and natural language processing. 15 clients are now served by Krayen internationally.
Hospitals may offer individualised treatment programmes because to the startup's vertically-focused generative AI. The platform suggests treatment solutions that are personalised for each patient by analysing patient data such as medical history, genetics, and lifestyle factors.
We are eager to capitalise on Krayen's knowledge of platform engineering, data, and AI and ML. According to Kalyan Sivasailam, CEO of 5C Network, "We are working to develop an intelligent and strong platform that can support a billion scans annually. Krayen's capacity to handle enormous amounts of data and produce insightful information will boost 5C's efforts to achieve this. The most significant digital resources in India today are being built by 5C Network, according to Bargava Subramanian, cofounder and CEO of Krayen.
We feel that our deep knowledge in AI, ML, deep learning, and data engineering is a crucial piece of the puzzle when solving for better diagnoses. "As a team, we have encountered the problem and impact of delayed, erroneous, and inactionable diagnosis. The team at Krayen is more inspired than ever to work towards this goal since we share 5C's vision and mission, he added.
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