Tata 1MG-backed 5C Network buys AI healthtech startup Krayen By CIOTechOutlook Team

Tata 1MG-backed 5C Network buys AI healthtech startup Krayen

CIOTechOutlook Team | Friday, 24 February 2023, 06:19 IST

For an unknown fee, US-based artificial intelligence healthtech startup Krayen was purchased by Bengaluru-based online medical diagnostics platform 5C Network, which has a strategic investment from Tata 1MG.

According to the firm, 5C Network hopes to treble the number of digital scans it does with this acquisition, with a goal of a billion scans annually by 2025.

Celesta Capital, a deep tech venture capital firm, led the $4.6 million Series A financing round for 5C Network in October 2022. Additional investors Unitus Ventures and Axilor Ventures joined the round as well as angel investors Ajay Gupta (emeritus partner at McKinsey & Co.), Rohit Razdan, and Shiv Tallam.

In India, the market for medical diagnostics is worth $11 billion and expanding at a 16% annual rate. With an average turnaround time of 39 minutes and an accuracy of over 99.3%, 5C has been aiming to change the entire diagnostic experience for patients—from booking a test to obtaining accurate and quick reports—digitally across India, according to the statement.

In 2020, Bargava Subramanian and Kirthiraj Yuvaraj created Krayen in California. Using computer vision and natural language processing, Krayen helps hospitals and healthcare professionals offer better patient outcomes. Today, Krayen serves 15 clients globally.

Hospitals may offer individualised treatment programmes because to the startup's vertically-focused generative AI. The platform suggests treatment solutions that are personalised for each patient by analysing patient data such as medical history, genetics, and lifestyle factors.

"We are excited to build on Krayen’s expertise in AI, ML, data and platform engineering. We are in a quest to build an intelligent and robust platform that can serve a billion scans a year, and Krayen’s ability to process massive amounts of data and bring out valuable insights will advance 5C’s efforts to make this a reality,” Kalyan Sivasailam, chief executive officer of 5C Network, said.

“As a team, we have faced the challenge and impact of delayed, incorrect and inactionable diagnosis, and we believe that our deep expertise in AI, ML, deep learning and data engineering is an essential piece of the puzzle when solving for better diagnostics. We resonate with 5C’s vision and mission, and the team at Krayen is more motivated than ever to drive towards this goal," he said.