Health Tech Startup Niramai Raises $7 Mn from Pi Ventures, Axilor, Binny Bansal & Others

Bangalore-based NIRAMAI Health Analytix, a deep tech powered health technology startup, has raised about US$6-7 million (~ ₹50 crore) in a fresh round of funding from its existing investors Pi Ventures, Axilor, Ankur Capital and Flipkart co-founder Binny Bansal, reported Economic Times.

The startup, which was part of AXilors summer’17 accelerator batch, had last raised $50,000 in November of last year when it was selected by Google for its Launchpad accelerator programme, a Google’s flagship 6-month programme that includes an intensive two-week boot camp in San Francisco. Prior to this, the startup had raised an undisclosed amount in seed funding from Pi Ventures, Binny Bansal, Axilor Ventures, Ankur Capital, and 500 Startups, in in April 2017.

The startup has raised a total of $6.1M in funding over 3 rounds including this one. NIRAMAI has reportedly saw revenues of Rs 43 lakh in FY17-18.

Founded in 2016 by Geetha Manjunath and Nidhi Mathur, NIRAMAI has developed a novel breast cancer screening solution that uses a new cancer screening software powered by machine intelligence called ‘Thermalytix’ over traditional thermography images, which can detect cancer at a much earlier stage than traditional diagnostic methods and can therefore improve survival rates.

NIRAMAI’s portable technology, which is low cost and affordable for mass screening of rural population, has screened more than 3,000 women and had earlier shared plans of looking to expand across the country through healthcare partners, as well as in a couple of Asian markets by 2019. The company at present has deployments in diagnostic centres/hospitals across three states — Karnataka, Tamil Nadu and Telangana.

In India, NIRAMAI competes with Healthi, Qure.AI, and Predible Health, which too have envisaged AI for their solution. Globally, the company competes with Volpara Solutions, Enlitic, Inc., and SemanticMD.

pi Ventures, India’s first applied AI and IoT focused early stage venture fund, has recently got US$6 million from CDC Group plc, a UK Government’s development finance institution. It was founded by Manish Singhal (Co-founder & Ex-CEO, LetsVenture and prominent angel investor) and Umakant Soni (Ex Director India, Science Inc & Co-founder AI BOT company).