AI medical imaging startup Qritive raises $7.5M in latest funding

AI medical startup Qritive has raised $7.5M in a funding round led by MassMutual Ventures and backed by Enterprise Singapore SEEDS Capital and Exfinity Venture Partners.

WHAT IT DOES

The Singapore-headquartered company, founded in 2017, offers diagnostic support solutions that provide fast and accurate pathology interpretation “within seconds”. Its digital pathology platform called Pantheon combines tools for case management, reporting, slide review and analysis, telepathology, synoptic reporting, and LIS integration. The technology has been approved for use and commercialization in both Singapore and Europe.

Qritive AI technology, developed and tested in collaboration with Singapore General Hospital, is helping to speed up the diagnosis of many types of cancer, including colon, prostate and lymph node cancers. Its vendor-agnostic solutions also allow easy integration with third-party products.

WHAT IS THIS FOR

According to a press statement, the company’s new funds will be used for global expansion, obtaining additional regulatory approvals and expanding pathology solution offerings. Qritive also has offices in the US and India.

MARKET REVIEW

Increasing investment in diagnostic AI technologies in recent years, coupled with an aging world population, will drive this market up to $8 billion by the end of the decade, according to a forecast by Grand View Research.

Over the past two years, players from the Asia-Pacific region have entered the market, such as Qure.ai from India and Lunit from South Korea. Just last year, Qure.ai raised $40 million to bolster its presence in the US and Europe and another £3.2 million to showcase the capabilities of its artificial intelligence technology.

Meanwhile, after his public debut early last year, Lunit numerous contracts and partnerships around the world over the past few months, including with the government of New South Wales in Australia and SEHA, the United Arab Emirates’ largest healthcare network.

Other new AI visualization players in the region have also recently attracted investment and will soon enter the global stage, including an Indian startup. In-Med Prognostics, which specializes in brain imaging, and AIRS Medical of South Korea.

IN RECORDING

“Despite the increasing prevalence of cancer and the strain it is placing on healthcare systems, the use of AI to improve cancer diagnosis is still at a relatively early stage of acceptance by clinicians,” said Tang Kaixin, general manager of SEEDS Capital.

“The prevalence of cancer is increasing worldwide, and by 2030, Asia will account for almost half of all cancer cases in the world. Speed ​​and accuracy are of paramount importance, especially given the acute shortage of pathologists,” Chinnu Senthilkumar, Managing Partner at Exfinity Venture Partners, commented.

“With an international network of pathologists, Qritive is in a unique position to accelerate the adoption of digital pathology worldwide,” said Ryan Collins, managing director of MassMutual Ventures.