Healthcare AI Startup Endimension Raises INR 2.3 Cr Seed Round From Inflection Point Ventures
The funds raised will be utilized to acquire talent for new product development, R&D and for boosting the sales team to fuel further growth
Healthcare artificial intelligence (AI) startup Endimension on Wednesday announced that it raised INR 2.3 crore in a Seed Round from Inflection Point Ventures (IPV).
The funds raised will be utilized to acquire talent for new product development, R&D and for boosting the sales team to fuel further growth.
“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,” said Bharadwaj Kss, founder and chief executive officer, Endimension.
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.
“Cutting-edge technologies are being used in many complex treatments and surgeries. These are early days for the application of AI and machine learning (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 the lack of infrastructure in remote parts of India. The shortage of good radiologists worldwide is another key driver. Endimension is building a unique GTM for the Indian market and have entered into a 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,” added Ankur Mittal, co-founder, IPV.
The global AI in the medical diagnostics market is projected to reach $3,800 million by 2025 from $500 million in 2020, growing at a CAGR of 50.2 per cent 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.