By Rishika Sadam
(Reuters) -Qure.AI, an India-based start-up supplying artificial intelligence devices to health care firms, is aiming to turn profitable in the following financial year and for a first public deal (IPO) in 2 years, its CEO informed Reuters.
The business, established in 2016 and mostly backed by AI firm Fractal Analytics, counts Top XV Allies and Novo Nordisk’s Novo Holdings amongst its financiers, and has actually increased $ 125 million in funding so far, chief executive officer Prashant Warier claimed.
“We aim to break even and be profitable next fiscal year. As we sort of get to that break-even … we can start planning. And perhaps in two-and-a-half years or more years is the earliest we can do an IPO,” he stated recently.
He declined to elaborate on the company’s evaluation. The firm was valued at $ 264 million since November 2024, according to information from market knowledge platform Tracxn.
Qure.AI offers AI remedies in diagnostics for very early discovery of consumption, lung cancer and stroke threats. Its international clients include AstraZeneca, and Medtronic and Johnson and Johnson MedTech in India.
The worldwide market for AI in medical care, valued at $ 14 92 billion in 2024, is anticipated to expand to $ 110 billion by 2030, according to market quotes.
AI is being rapidly embraced by medical care company all over the world for very early discovery of conditions and to simplify help overburdened specialists, according to market experts.
“We’re growing at a rate of 60 %- 70 % each year (in revenue) and I believe we possibly will accelerate in the next five years,” Warier stated, adding that they offer around 15 million people yearly.
QureAI obtains regarding 25 % of profits from the United States, which is its largest market, and is also considering expansion in the marketplace with additional partnerships, he stated.
The company additionally is focusing on on low-and middle-income nations in Latin America and Africa. India, nevertheless, is a much smaller sized market for the firm, contributing much less than 5 % of income.
(Reporting by Rishika Sadam; Modifying by Varun H K)
