Funds raised to be utilized for research and development, team expansion, software development and sales enhancement
FinTech BizNews Service
Mumbai, April 25, 2024: Endimension Technology, a healthcare AI startup has raised INR 6 Crore in Pre-Series A round led by Inflection Point Ventures. Other investors in this round include Sucseed Indovation, SINE IIT Bombay and individual angel investors. Endimension Technology, incubated at IIT Bombay, is driven by the vision to harness AI technology in radiology, ensuring early and precise diagnosis for patients globally.
The funds will be utilized to fuel AI research and development, team expansion, software enhancement. These strategic investments aim to bolster their market position, accelerate growth, and establish Endimension as an industry leader.
Endimension is backed by leaders with immense experience in technology and artificial intelligence. Bharadwaj Kss, Founder & CEO, holds a bachelor’s from IIT Madras and a master’s from IIT Bombay. He has 10 years of experience in Artificial Intelligence & Machine Learning. Apparao Mlv, co-founder & COO, has 10 years of operational and marketing experience. He holds a bachelor’s in technology from ICT Mumbai. Karthik Kannegondla is the Chief Technology Officer and brings 10 years of software development experience to the table along with his B.Tech and M.Tech from IIT Madras.
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”.
The global market for AI in medical imaging is expected to grow significantly in the coming years. In 2024, the market size is estimated to be around USD 5.86 billion and is projected to reach USD 20.40 billion by 2029, with a compound annual growth rate (CAGR) of 28.32% (Ref: Mordor Intelli). This growth is driven by the increasing demand for early and accurate diagnosis, the rising awareness about chronic diseases requiring imaging services, and the growing adoption of AI technologies in healthcare. Capitalizing on this, Endimension has established itself as an end-to-end AI platform for radiology diagnosis, distinguished by its seamless integration, multiple customization options, and ability to diagnose a wide range of conditions with precision, leading to improved patient outcomes. Endimension’s platform has processed over 1 million scans to date and is currently deployed in 400 hospitals and diagnostic centres across multiple regions, enhancing their accessibility.
Endimension has added several feathers to its cap over the years. The startup was one of the 20 startups selected by Google for Startup Accelerator Class 8 and one of the top 10 startups at the WhatsApp Incubator Programme. They received the Life Science Award at Asian Entrepreneurship Awards. They were winners at SIDBI Investors Day event and have also won the NASSCOM Healthcare Innovation Challenge. Endimension has also been supported and recognised by the Department of Biotechnology, Government of India.
