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AI based healthtech startup NIRAMAI raises $6 mn in Series A funding

: 16-Mar-2019     : Kumar Jeetendra     Source : --

Bengaluru, February 25, 2019:  Artificial intelligence based healthtech startup NIRAMAI Health Analytix, has announced that it has closed $6 mn in a Series A round of funding led by Dream Incubator, a Japanese VC firm, with participation from BEENEXT and other investors. Earlier investors pi Ventures, Ankur Capital, Axilor Ventures, and Binny Bansal also participated in the round. The funds will be used for scaling in India, hiring top talent and getting additional regulatory approvals for international expansion.

 NIRAMAI is creating a revolution in breast health screening with its patented technology called Thermalytix™ which is a non-contact, non-invasive and radiation-free solution for early stage breast cancer detection. The solution is clinically proven to be accurate for women of all age groups. This affordable and portable solution is completely privacy conscious. Thermalytix can be applied to other areas of diagnostics as well. This innovation has led to NIRAMAI being selected as the only Indian company listed on 2019 cohort of AI 100 startups in the world by global business data intelligence platform CB Insights.

 Dr. Geetha Manjunath, CEO & CTO of NIRAMAI, says, “NIRAMAI helps to bridge the gap in our healthcare delivery systems by providing an AI tool that is accurate, affordable and accessible to all. If institutionalised as regular screening method, NIRAMAI Thermalytix has the potential to save many lives not just from breast cancer deaths but eventually other diseases as well. We are thankful to the continued support and mentorship provided by our seed investors and are excited to join hands with our new investors to propel us to next level of growth.”

 Eto Munehiko, Managing Director, Dream Incubator Advisory and Investment India, who will join Niramai board, says, “We are excited about partnering with Niramai that is building a truly deep-tech solution out of India. We also believe in the potential of their technology to solve global health problems at scale. The disruptive AI based technology is key to early detection of disease and saving lives especially where there is a shortage of skilled medical professionals and dense breast ratio is high. Dream Incubator would support Niramai’s international expansion including Japan.” Dream Incubator has invested in more than 160 companies across 8 countries and supported 28 IPOs.

 Manish Singhal, Founding Partner, pi Ventures added, “We believe that Niramai’s team and technology will create a significant difference in early detection of breast cancer and are happy to continue backing them in their journey. AI diagnostic tools are helping doctors scour through data to better diagnose a variety of abnormal conditions and is the only way to bridge the huge demand and supply gap when it comes to quality healthcare.”

 NIRAMAI has made excellent progress in 2018 showing clinical validation with multiple trials published in international forums, market validation with 20+ installations in hospitals and diagnostic centres across 9 cities in India and receiving excellent user feedback from women.  

 NIRAMAI was founded in July 2016 by serial intrapreneur Dr. Geetha Manjunath who comes with 25 years of expertise in research and innovation leadership, and Nidhi Mathur with rich experience in business planning, strategy and product management. Both women co-founders have previously worked with companies like Xerox Research and Hewlett Packard Labs. Niramai has previously raised a seed round of $1mn in April 2017.

Left: Nidhi Mathur and Right Dr. Geetha Manjunath

NIRAMAI celebrates International Women’s Day with slew of initiatives during March

 Bengaluru, March 07, 2019: Niramai has announced multiple initiatives for women during the entire month of March that includes 50% discount on all breast cancer screening tests at its centres. Niramai will also conduct corporate camps, discounts on breast cancer screenings as well as community outreach events to sensitise women and create awareness regarding early detection and prevention of breast cancer.

 Niramai has partnered with 21 hospitals and diagnostic centres to deploy its solution. Breast cancer screenings costing Rs. 1500 will be available at a special discount of 50% throughout March. This offer is ongoing at new and existing centres in 9 cities, including Bengaluru, Mysore, Hyderabad, Chennai, Mumbai, Pune, Delhi, Dehradun and Bhubaneshwar. To book an appointment log on to www.niramai.com.

 “As part of Niramai’s community screening initiative, we partner with organisations that have extensive outreach and focus on women’s health, to jointly conduct health programs at grassroot level using Niramai solution for breast health screening. Bringing the service to the doorstep of women is an important feature of preventive screening that our partners help us achieve,” said Nidhi Mathur, COO & Co-founder, Niramai.

 Specific programs are being launched for women at their workplaces. Vidya initiative is being targeted towards women in education field through women health volunteers.  Corporate camps are being conducted at leading women-centric corporate clients like MakeMyTrip, Sapient, SAP Labs, NetApp, West, etc. A new initiative is being launched to reach vulnerable women in Karnataka together with Swasti Health Catalyst, a reputed health-focused NGO. Niramai solution is particularly suitable for community screening due to its portable, affordable and completely private experience to the user.

 Niramai, a healthtech start-up based out of Bengaluru, has developed a novel solution for detecting breast cancer at an early stage. The solution called Thermalytix is non-contact, non-invasive, radiation-free and is clinically proven to be more accurate than mammography. This affordable and portable solution is creating a breakthrough in preventive screening for breast cancer. The test can be conducted either in diagnostic centres or at workplace or apartments. Furthermore, the test is completely privacy conscious where no one touches or even sees the woman during the test, addressing the socio-cultural issues of breast screening.

 

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