Healthtech startup Qure.ai has raised $40 million in a funding round led by Novo Holdings and HealthQuad. MassMutual Ventures, a limited partner of Fortune 500 company MassMutual, also participated in this round.

Founded by Prashant Warrier and Dr. Pooja Rao in 2016, Qure.ai uses artificial intelligence for medical image diagnostics. Their technology reads a patient's X-rays and other scans to detect brain trauma and diagnoses chest diseases. The company had also implemented the same technology to detect COVID-19.

Dr. Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia, said: “We are very pleased to join the outstanding team at Qure.ai and to contribute to their efforts of providing world-class AI solutions in the imaging space, for the benefit of patients worldwide. Qure.ai is at the forefront of transforming diagnostics in both acute and chronic ailments, which is fully aligned with our mission of advancing high-quality and accessible healthcare using innovation and digitization. Further, we are excited to connect Qure.ai to our portfolio partners as we see several promising synergies.”

With the latest funding, The Mumbai-based startup plans to expand their presence especially in the US and Europe. It also plans to further intensify product development for critical care and community diagnostics.

Prashant Warrier, CEO and Founder, Qure.ai, said: “Every year our technology helps more than four million people across 50 countries. Our goal is to continue being bullish in our market expansion, especially in the US and Europe. We are committed to aiding healthcare professionals in diagnosing illnesses faster and with more detail and accuracy while automating most of the routine work. This is a win for all involved in healthcare, especially for patients across the globe who will benefit from vastly improved health outcomes.”

Qure.ai counts Sequoia Capital India, MassMutual Ventures and Fractal Analytics as their existing investors.