Healthcare AI Firm Qritive Raises $7.5M to Expand into New Markets
Funding from MassMutual Ventures, SEEDS Capital, Exfinity Ventures
BOSTON, Jan. 19, 2023 /PRNewswire/ -- Qritive (www.qritive.com), a leading healthcare AI startup has announced that they have raised $7.5M in a funding round led by MassMutual Ventures, supported by SEEDS Capital, the investment arm of Enterprise Singapore, and Exfinity Venture Partners. Qritive will use this new capital to drive geographical expansion, expand product portfolio and support regulatory clearances.
Founded in 2017 by Dr. Aneesh Sathe and Dr. Kaveh Taghipour, Qritive today has presence in Singapore, USA, and India. Using artificial intelligence, Qritive solutions provide fast and accurate interpretations of pathology whole slide images scans within seconds, reducing time to treatment, increasing accuracy for cancer care.
In an environment where 70% of the pathologists are concentrated in just 10 countries, leaving 47% of the world population without basic access to diagnostics, the transition to digital pathology is becoming increasingly critical in the agenda of healthcare systems. In this context, Qritive brings clinical-grade AI-powered solutions to enable histopathology diagnosis of cancer at scale. These clinical-decision support tools help improve efficiency and quality in diagnosis, which will ultimately result in better patient outcome. As Aneesh Sathe, CEO of Qritive, put it: "Complexity of diagnostics has increased considerably and having tools that increase accuracy and throughput really fast has become instrumental for clinicians worldwide."
Qritive's solutions are CE certified and also approved by Singapore Health Sciences Authority (HSA) for clinical use. Qritive's technology helps accelerate cancer diagnosis across multiple cancer types including colon, prostate, lymph node, breast and includes a robust set of tools for immunohistochemistry.
Qritive's Pantheon digital pathology platform is a one of a kind platform that brings together tools for case management, reporting, slide viewing and analysis, telepathology, syoptic reporting, and LIS integration. Qritive aims to create an open-pathology environment and Pantheon is agnostic to microscopes and IT enabling easy integration of 3rd party AI solutions.
"Qritive's platform digitizes and streamlines the pathology workflow from end-to-end, supporting clinicians with a wide range of tools – including image analysis, case management, and reporting modules. With an international network of pathologists, Qritive is uniquely positioned to accelerate the adoption of digital pathology across the globe. We look forward to supporting Qritive's growth and the meaningful work that it is doing to improve patient outcomes." – Ryan Collins, Managing Director at MassMutual Ventures."
"Despite increasing cancer prevalence and the strain it places on healthcare systems, the utilisation of Artificial Intelligence (AI) in improving cancer diagnosis is still in relatively early stages of adoption by clinicians. We are happy to support Qritive as it commercialises its digital pathology software, leveraging AI developed and validated in collaboration with the Singapore General Hospital (SGH). This will help close the industry gap not just in Singapore, but in other Asian and Western markets." – Tan Kaixin, General Manager at SEEDS Capital.
"The prevalence of cancer is rising globally, and by 2030, Asia will account for nearly half of all cancer cases worldwide. Speed and accuracy are of utmost importance, especially in the backdrop of a severe pathologist shortage. The clinical-grade AI-powered technology from Qritive transforms diagnosis to NextGen by being disruptive, accurate, removing the existing bottlenecks, and supporting pathologists at every stage." -Chinnu Senthilkumar, Managing Partner at Exfinity Venture Partners.
Headquartered in Singapore, with U.S. operations in San Diego and India operations in Pune, Qritive is a breakthrough Artificial Intelligence (AI) solution developer that is advancing digital pathology for cancer diagnosis, enhancing imaging accuracy and improving health outcomes with the assistance of AI based solutions. Qritive expands on deep learning technology to provide automated interpretation of pathology tests for time and resource-strapped medical imaging professionals-enabling faster diagnosis and speed to treatment. Qritive is helping make cancer diagnosis fast, accurate, and affordable.
MassMutual Ventures (MMV) is a multistage global venture capital firm with teams based in Boston, Singapore, and London, managing over $1 billion in investment capital. We help accelerate the growth of the companies we partner with by providing capital, connections and advice. With our deep expertise and extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com.
About SEEDS Capital
As the investment arm of Enterprise Singapore, SEEDS Capital catalyses smart investments into innovative Singapore-based early-stage startups with strong intellectual content and global market potential. It adopts a co-investment model, working hand in hand with institutional investors from around the world. Leveraging its collective expertise and networks, SEEDS Capital helps startups commercialise, realise their business development plans and expand globally. It focuses investments into emerging and strategic sectors aligned with national priorities, including Manufacturing, Trade & Connectivity, Human Health & Potential, Urban Solutions & Sustainability, and Smart Nation & Digital Economy.
About Exfinity Venture Partners-
Exfinity is a B2B focused early stage technology fund based in Bengaluru, India. The fund has a unique practitioner driven approach drawing on the industry experience of its partners in the technology sector. It also specialises in cross-border investments. Exfinity invests predominantly in Deeptech, Enterprise, Saas, Fintech and Healthtech. Some of its earlier investments include Pixis, Log9, Kinara, Moengage and Ati Motors.
For more information, please visit www.qritive.com or reach us at LinkedIn