A Pre-Series A investment headed by Inflection Point Ventures extended INR 6 crore to the healthcare AI firm, Endimension Technologies to roll out AI technology in radiology.
Individual angel investors, SINE IIT Bombay, and Sucseed Indovation are among the other investors in this round.
The goal of Endimension Technology, housed at IIT Bombay, is to use AI technology in radiology to provide early and accurate diagnosis for patients all across the world.
The money will be used to support software development, team growth, and AI research and development and growth of AI technology in radiology. With these calculated bets, Endimension hopes to strengthen its position in the market, quicken its growth, and become a leader AI technology in radiology and spur the use of AI in healthcare.
Leaders with vast backgrounds in artificial intelligence and technology are said to be supporting Endimension.
IIT Madras awarded Bharadwaj Kss, the founder and CEO, a bachelor’s degree, while IIT Bombay awarded him a master’s. He has worked in the fields of machine learning and artificial intelligence for ten years. Co-founder and COO Apparao Mlv has ten years of expertise in marketing and operations. From ICT Mumbai, he obtained a bachelor’s degree in technology. The Chief Technology Officer, Karthik Kannegondla, holds a B.Tech and an M.Tech from IIT Madras and has ten years of expertise in software development.
Ivy Chin, Partner, Inflection Point Ventures says, “The Indian radio-diagnosis market, growing at a CAGR of 15%+ over the last decade, has got a lot of focus on equipment & infrastructure. The under-stated need is that of qualified professionals, i.e. radiologists, to manage this burgeoning demand. There has been growth across tier 1, 2 & 3 for equipment but the availability and prohibitive costs of trained radiologists exacerbates the problem of demand outstripping supply situation. Endimension focuses on leveraging AI to facilitate faster assessment and diagnosis, employing generative AI to streamline report generation and reduce the time required by radiologists. IPV is confident that this investment will contribute towards the betterment of the industry”.
AI Medical Imaging Global Scenario
In the upcoming years, it is anticipated that the worldwide market for AI in medical imaging would expand dramatically. The market is expected to increase at a compound annual growth rate (CAGR) of 28.32% from its estimated value of USD 5.86 billion in 2024 to USD 20.40 billion in 2029 (Ref: Mordor Intelli).
The growing awareness of chronic illnesses needing imaging services, the expanding acceptance of AI in healthcare, and the growing desire for early and accurate diagnosis are the main drivers of this expansion.
Taking advantage of this, Endimension has made a name for itself as a comprehensive AI technology in radiology diagnosis, said its official release.
Endimension is known to stand out for its easy integration, numerous customization possibilities, and accurate diagnosis of a broad spectrum of illnesses.
In which all of which enhance patient outcomes. To far, Endimension’s platform has processed more than a million scans, and 400 hospitals and diagnostic centers in various areas are using it to improve accessibility affirmed the release.
Accolades of Endimension
The company was among the top 10 in the WhatsApp Incubator Program and one of the twenty chosen by Google for the Startup Accelerator Class 8.
At the Asian Entrepreneurship Awards, they were given the Life Science Award. They won both the NASSCOM Healthcare Innovation Challenge and the SIDBI Investors Day event. The Indian government’s Department of Biotechnology has acknowledged and endorsed Endimension.
