The company plans to use the raised funds in the expansion of its client base to more hospitals and diagnostic centres.
Bengaluru based digital Radiology platform 5C Network (India) Private Limited has raised $1.2 million (Rs 8.84 crore) in its pre-Series A funding round from existing investors Unitus Ventures and Axilor Ventures. With the current round, the startup has raised Rs 13 crore in funding to date. 5C Network, which was founded by Kalyan Sivasailam and Syed Ahmed, allows hospitals and diagnostics centres to upload scans to the cloud where automated data extraction and analysis is done by its proprietary algorithm.
The startup says it has partnered with over 600 hospitals and diagnostic centres across 27 states in India. These hospitals and diagnostics centres send more than 100,000 cases a month to the company for diagnosis. In the next one year, 5C Network aims to expand its client base to over 2,500 hospitals and diagnostic centres. In the past six months, the company said it recorded about 3,300 scans per day amid the coronavirus pandemic.
Through the use of its platform and artificial intelligence (AI) algorithms, the company claims that it reduces the turnaround time for a radiology report from the typical 48 hours to just 42 minutes while ensuring the highest degree of accuracy. This allows hospitals to significantly reduce their “door-to-needle” time, especially for critical cases, making sure that patients receive life-saving intervention faster, it claims.
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