5C Network, a radiology platform based in India, has secured pre-series A funding of US$1.2 million from existing investors Unitus Ventures and Axilor Ventures.
The startup brings together hospitals, diagnostic centers, and radiologists to deliver diagnoses to physicians and patients. It claims to reduce the turnaround time for a radiology report from 48 hours to 42 minutes using its AI-based platform.
“We have seen about 3,300 scans per day in the past 6 months,” said 5C Network chief executive Kalyan Sivasailam. He added that the platform has gained more traction since the pandemic, as it allows radiologists to assign a degree of urgency to patients depending on the case.
The company plans to use the new capital to scale up the reach of its existing products and services. With the current round, 5C Network has received a total funding of 130 million rupees (US$1.8 million) to date.
It is also looking to expand its client base to over 2,500 hospitals and diagnostic centers across India over the next 12 months.
“There is immense potential for smart healthtech solutions to transform the Indian healthcare system,” said Surya Mantha, senior partner at Unitus Ventures.
Founded in 2016, 5C Network has partnered with over 600 hospitals and diagnostic centers in India, receiving over 100,000 cases a month for diagnosis. The funding comes as the digital healthcare market in India is projected to reach 485.43 billion rupees (US$6.6 billion) by 2024, according to a study by Research and Markets.
5C Network competes with other regional diagnostic firms such as Krsnaa Diagnostics, SRL Diagnostics, and Fidelity Diagnostics, among others. Another market rival is online clinical systems service provider Integrated Health Ventures, which was recently acquired by Singapore-based Claritas HealthTech.