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CNA
20-05-2025
- Business
- CNA
Indian healthcare AI startup Qure.AI aiming for IPO in two years, CEO says
an India-based startup providing artificial intelligence tools to healthcare firms, is aiming to turn profitable in the next financial year and for an initial public offer (IPO) in two years, its CEO told Reuters. The company, founded in 2016 and largely backed by AI firm Fractal Analytics, counts Peak XV Partners and Novo Nordisk's Novo Holdings among its investors, and has raised $125 million in funding so far, CEO Prashant Warier said. "We look to break even and be profitable next financial year. As we sort of get to that can start planning. And maybe in two-and-a-half years or two years is the earliest we can do an IPO," he said last week. He declined to elaborate on the firm's valuation. The firm was valued at $264 million as of November 2024, according to data from market intelligence platform Tracxn. provides AI solutions in diagnostics for early detection of tuberculosis, lung cancer and stroke risks. Its global clients include AstraZeneca, and Medtronic and Johnson and Johnson MedTech in India. The global market for AI in healthcare, valued at $14.92 billion in 2024, is expected to grow to $110 billion by 2030, according to market estimates. AI is being rapidly adopted by healthcare service providers around the world for early detection of diseases and to streamline work for overburdened professionals, according to industry experts. "We're growing at a rate of 60 per cent-70 per cent every year (in revenue) and I think we probably will accelerate in the next five years," Warier said, adding that they serve around 15 million patients annually. QureAI derives about 25 per cent of revenue from the United States, which is its largest market, and is also eyeing expansion in the market with further partnerships, he said. The company also is focusing on on low-and middle-income countries in Latin America and Africa. India, however, is a much smaller market for the firm, contributing less than 5 per cent of revenue.
Reuters
20-05-2025
- Business
- Reuters
Indian healthcare AI startup Qure.AI aiming for IPO in two years, CEO says
May 20 (Reuters) - an India-based startup providing artificial intelligence tools to healthcare firms, is aiming to turn profitable in the next financial year and for an initial public offer (IPO) in two years, its CEO told Reuters. The company, founded in 2016 and largely backed by AI firm Fractal Analytics, counts Peak XV Partners and Novo Nordisk's ( opens new tab Novo Holdings among its investors, and has raised $125 million in funding so far, CEO Prashant Warier said. "We look to break even and be profitable next financial year. As we sort of get to that can start planning. And maybe in two-and-a-half years or two years is the earliest we can do an IPO," he said last week. He declined to elaborate on the firm's valuation. The firm was valued at $264 million as of November 2024, according to data from market intelligence platform Tracxn. provides AI solutions in diagnostics for early detection of tuberculosis, lung cancer and stroke risks. Its global clients include AstraZeneca (AZN.L), opens new tab, and Medtronic and Johnson and Johnson MedTech in India. The global market for AI in healthcare, valued at $14.92 billion in 2024, is expected to grow to $110 billion by 2030, according to market estimates. AI is being rapidly adopted by healthcare service providers around the world for early detection of diseases and to streamline work for overburdened professionals, according to industry experts. "We're growing at a rate of 60%-70% every year (in revenue) and I think we probably will accelerate in the next five years," Warier said, adding that they serve around 15 million patients annually. QureAI derives about 25% of revenue from the United States, which is its largest market, and is also eyeing expansion in the market with further partnerships, he said. The company also is focusing on on low-and middle-income countries in Latin America and Africa. India, however, is a much smaller market for the firm, contributing less than 5% of revenue.
Time of India
24-04-2025
- Health
- Time of India
Fractal proposes indigenous AI medical models to improve healthcare
HYDERABAD: IPO-bound Fractal Analytics submitted a proposal to the IndiaAI Mission to build indigenous medical foundation models aimed at improving healthcare accessibility , medical education, and clinical decision support. Srikanth Velamakanni, co-founder of Fractal Analytics, said the estimated cost of the project would be around Rs 150 crore. Fractal proposed building a comprehensive family of foundation models—from base language models to specialised medical reasoning systems with multimodal capabilities to advance AI in healthcare, aimed at transforming the medical landscape. "The PG NEET test is taken by 200,000 people every year. Indian doctors take it annually for their post-graduation in medicine. On that test, we scored 83, which is our benchmark. All the other open-source models we accessed scored much less than that. We launched Vaidya AI to elevate it to the next level by building India's biggest breakthrough medical model," Velamakanni Mumbai-based company developed India's first multimodal medical assistant, which outperformed frontier language models like GPT-4o, Gemini, and Llama 3.2 on the PG NEET benchmark. Trained extensively with more than 650,000 images and 200,000 text samples, exhibits proficiency in processing various Indian languages, such as Hindi, Kannada, Tamil, and Telugu. Fractal's proposal said that multimodal reasoning systems possess the capability to recognise patterns of symptoms, enhancing diagnostic assessments through analysis and verification across X-rays and CT scans. These systems function by validating signals between different modes of data collection, such as establishing connections between minute features of lung nodules visible in CT scans, alterations in respiratory measurements from wearable devices, and descriptive information documented in clinical records. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo India's healthcare system demonstrates a pressing need for technological advancements. The disparity in healthcare access is particularly evident in rural and semi-urban regions, where the ratio of doctors to patients surpasses 1:1,500, significantly higher than the WHO's recommended standard of 1:1,000. He said the medical reasoning model supports doctors and patients with diagnosis and health-related questions. "The model can aid medical reasoning. It can assist a doctor in reaching a diagnosis. It could help a patient understand their symptoms or determine what their side effects might be. It can also provide guidance on what nutrition they should follow." The tech roadmap has two phases, with the first one incorporating a foundational language model trained from scratch on 18T tokens, STEM content, coding, and educational material. It also includes a multimodal foundation integrating the vision encoder with the language model. The second phase includes meta-cognitive abilities, self-reflection, and expert-level medical reasoning capabilities. Velamakanni said Fractal has an extensive collection of educational materials, including PG NEET and MBBS examination books covering the five-year medical programme. The dataset underwent thorough preparation through text standardisation, medical term identification, and contextual parsing before being utilised to calibrate Vaidya, ensuring its foundation in reliable, examination-focused medical knowledge and clinical analysis. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
