lightspeed Venture Partners is set to lead a $50-60 million funding round for Qure.ai, an AI-driven provider of diagnostic imaging support tools. As reported by media, this investment will mark the third major deal from Lightspeed's growth fund, following previous investments in Zepto, a quick-commerce platform, and the edtech company PhysicsWallah.
Founded in 2016, Qure.ai has made a notable shift in its business strategy, with a significant portion of its revenue now being generated from international markets. The company's AI solutions are primarily used by physicians for diagnostic support in areas such as chest X-rays, tuberculosis care, lung nodule detection, and heart failure management. Qure.ai operates as a B2B business, partnering with healthcare companies rather than targeting consumers directly.
Since its inception, Qure.ai has raised approximately $60 million in funding and was last valued at around $233 million, according to data from Tracxn. Its investors include Peak XV Partners, Healthquad, Novo Holdings, and MassMutual Ventures. The upcoming deal also underscores Lightspeed's growing focus on growth-stage investments, with the venture firm aggressively pursuing several high-profile deals this year.
Lightspeed’s portfolio includes notable startups such as Razorpay, Udaan, Acko, and Darwinbox. Last year, it made one of the largest early-stage investments by backing Sarvam AI.
Qure.ai, headquartered in Mumbai, declared a revenue of Rs 91.3 crore for FY 2023, with a net loss of around Rs 78 crore. This represents a huge increase over the previous fiscal year, when the company reported Rs 39.3 crore in revenue and a Rs 24 crore deficit.
In addition to its financial achievements, Qure.ai continues to expand its intellectual property portfolio. Last month, the company was granted its 12th patent in India by the Indian Patent Office for a system that detects lung abnormalities in medical images. Globally, Qure.ai holds 29 patents, further strengthening its position as an innovator in the medical AI space.
