Endimension, a healthcare AI startup, has received a seed round of INR 2.3 crore from Inflection Point Ventures, one of India's leading 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.
"Radiologists are in limited supply around the world, resulting in radiologist burnout and patient misdiagnosis. Our AI platform boosts radiologist productivity while lowering patient misdiagnosis. IPV's team believes in our mission and vision and has backed us up with a growth strategy and investment." says Bharadwaj Kss, Founder & CEO, Endimension.
The startup's AI platform uses AI algorithms to automatically detect abnormalities and diseases in medical images, reducing patient misdiagnosis and increasing radiologists' productivity. Currently, the firm has an in-house AI technology team with over 35 years of combined experience.
"Endimension is developing a unique GTM for the Indian market and has formed a handful of promising joint ventures in adjacent areas in the west, providing further valuation prospects for its investors. Overall, we are thrilled to be able to help a group of smart and adventurous founders in this burgeoning field," said Ankur Mittal, Co-Founder, Inflection Point Ventures.
Earlier, Endimension won India's LUNA-16 International Radiology AI Hackathon competition, beating over 350 other Indian teams. In addition, the company won the "Life Science Award" at the Asian Entrepreneurship Awards in Japan in 2020.
It was also named one of the top three startups at the SIDBI Investors Day Meet in 2020 and was granted the title of 'Digital Transformation of Health' by IIM Ahmedabad and TIE Mumbai in 2019. Endimension was also chosen for the NVIDIA AI Inception Program and is a 'Microsoft for Startups' Community member. It is used for radiology reporting at 100 hospitals and radiology labs.
Government initiatives to increase the adoption of AI-based technologies, rising demand for AI tools in the medical field, a growing focus on reducing radiologists' workload, an influx of large and complex datasets, an increase in funding for AI-based startups, and an increase in cross-industry partnerships and collaborations are all driving growth in this market.
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