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Venture fund Lightspeed , through its growth fund, is set to lead a $50-60 million deal with Qure.ai , which provides artificial intelligence-based decision support tools for diagnostic images, people aware of the matter said. This would be the third major deal from Lightspeed from its growth fund after having invested in quick-commerce firm Zepto and edtech company PhysicsWallah.
The PhysicsWallah deal is yet to be formally announced. The funding in Qure.ai is likely to include a secondary share sale as well and is being finalised and will close within this month, people who know about the matter told ET.
Qure.ai was a nominee in the Top Innovator category at The ET Startup Awards 2021 . ETtech “Lightspeed is investing around $20-25 million and is looking to buy some in secondary share also.
Overall, the round may end up being $50-60 million in size depending on the final secondary component,” a person aware of the matter said. “Existing investors will also put in primary capital.” Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Basics of Generative AI : Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Web Development A Comprehensive ASP.
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P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program In a secondary share sale, the capital doesn't go to company coffers as it changes hands between two investors. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Started in 2016, Qure.
ai has undertaken a significant shift in its client focus and most of its revenue now comes from overseas, a person in the know said. Chest X-ray reporting, TB care, lung nodule management and heart failure are some of the core areas where physicians use its AI services to understand and finalise diagnosis and treatment for patients. It works with companies and not consumers directly.
Qure.ai chief executive Prashant Warier and Lightspeed declined to comment on the deal. Fractal Analytics-backed Qure.
ai, since inception, has raised around $60 million and was last valued at around $233 million, per Tracxn that tracks startup funding data. It counts Peak XV Partners, Healthquad, Novo Holdings and MassMutual Ventures among its investors. “The deal also marks growing activity from Lightspeed, especially in growth stages.
It has been competing aggressively for many deals this year,” another person aware of the matter said. Lightspeed has backed startups like Razorpay, Udaan, Acko and Darwinbox. The fund invested in Sarvam AI in one of the largest early-stage rounds in December last year.
Based in Mumbai, Qure.AI reported revenue of Rs 91.3 crore in fiscal 2023 along with a loss of close to Rs 78 crore, as against Rs 39.
3 crore and Rs 24 crore, respectively, the previous fiscal year. Last month, Qure.ai said it secured its 12th patent in India from the Indian Patent Office for “a system and method for detecting lung abnormalities in a medical image”.
Globally, it has 29 patents, the company said at the time..
