Indian healthcare AI startup Qure.AI aiming for IPO in two years, CEO says
AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration
(Reuters) -Qure.AI, an India-based startup providing artificial intelligence tools to healthcare firms, is aiming to turn profitable in the next financial year and for an initial public offer (IPO) in two years, its CEO told Reuters.
The company, founded in 2016 and largely backed by AI firm Fractal Analytics, counts Peak XV Partners and Novo Nordisk's Novo Holdings among its investors, and has raised $125 million in funding so far, CEO Prashant Warier said.
"We look to break even and be profitable next financial year. As we sort of get to that break-even...we can start planning. And maybe in two-and-a-half years or two years is the earliest we can do an IPO," he said last week.
He declined to elaborate on the firm's valuation. The firm was valued at $264 million as of November 2024, according to data from market intelligence platform Tracxn.
Qure.AI provides AI solutions in diagnostics for early detection of tuberculosis, lung cancer and stroke risks. Its global clients include AstraZeneca, and Medtronic and Johnson and Johnson MedTech in India.
The global market for AI in healthcare, valued at $14.92 billion in 2024, is expected to grow to $110 billion by 2030, according to market estimates.
AI is being rapidly adopted by healthcare service providers around the world for early detection of diseases and to streamline work for overburdened professionals, according to industry experts.
"We're growing at a rate of 60%-70% every year (in revenue) and I think we probably will accelerate in the next five years," Warier said, adding that they serve around 15 million patients annually.
QureAI derives about 25% of revenue from the United States, which is its largest market, and is also eyeing expansion in the market with further partnerships, he said.
The company also is focusing on on low-and middle-income countries in Latin America and Africa. India, however, is a much smaller market for the firm, contributing less than 5% of revenue.
(Reporting by Rishika Sadam; Editing by Varun H K)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
2 hours ago
- Malay Mail
Airlines hit turbulence: IATA cuts 2025 outlook amid global headwinds
NEW DELHI, June 2 — Airlines on Monday revised down their traffic and profit forecasts for 2025, citing 'headwinds' for the global economy. The International Air Transport Association (IATA) estimates fewer than five billion air journeys will take place this year, compared with the previously forecast 5.22 billion. 'The first half of 2025 has brought significant uncertainties to global markets,' Willie Walsh, IATA's Director General, told its annual general meeting in New Delhi. But he added: 'Considering the headwinds, it's a strong result that demonstrates the resilience that airlines have worked hard to fortify.' Cumulative airline profits will reach US$36 billion (RM153 billion) this year, US$600 million less than expected, IATA said. Commercial aviation revenues are expected to remain below the US$1 trillion forecast in the previous December projections, with IATA now reporting US$979 billion. Walsh, addressing IATA delegates, called for the aviation sector to be spared from increased tariffs — though he did not name US President Donald Trump, who launched a trade war in early April. While looking at profits, Walsh warned that 'perspective is critical' to put industry-wide figures into context, saying that per passenger, it was still a narrow margin. 'It's still a thin buffer and any new tax, increase in airport or navigation charge, demand shock or costly regulation will quickly put the industry's resilience to the test,' he said. 'Policymakers who rely on airlines as the core of a value chain that employs 86.5 million people and supports 3.9 percent of global economic activity, must keep this clearly in focus.' The organisation also expects 69 million tonnes of cargo to be transported by air this year, down from the 72.5 million previously expected. — AFP
New Straits Times
3 hours ago
- New Straits Times
Dubai's MBS Global eyes Johor for tech, finance investment expansion
KUALA LUMPUR: Dubai-based MBS Global Holdings, which manages over US$14 billion in assets worldwide, has expressed strong interest in positioning Johor as its next strategic investment hub in Southeast Asia. Johor Menteri Besar Datuk Onn Hafiz Ghazi said the state government held a high-level meeting with MBS Global on May 29, in Kuala Lumpur, where the firm outlined its investment appetite in key sectors such as digital technology, Islamic digital banking, green innovation and real estate. "MBS Global's interest is a strong signal of Johor's rising profile among global institutional investors. We view this as a potential catalyst for high-impact investments that can generate quality jobs and spur inclusive economic growth," he said. The firm is no stranger to ambitious ventures. Its recent US$8.8 billion investment to develop a blockchain-based financial hub in the Maldives is projected to create over 16,000 jobs by 2030. Onn Hafiz said Johor's appeal has been further strengthened by the Johor-Singapore Special Economic Zone (JS-SEZ) initiatives, which offer cross-border advantages and regional market access to international players. "The Johor government is committed to turning investment into real benefits for the people, not just in figures, but in the form of job creation, technology transfer and sustainable economic development," he said. MBS Global Holdings' potential entry aligns with Johor's strategy to attract future-driven industries and long-term capital. It is also in line with the state's economic blueprint.
Free Malaysia Today
4 hours ago
- Free Malaysia Today
US dollar declines as traders assess tariff outlook
The dollar fell after Donald Trump said he would double tariffs on imported steel and aluminum to 50% starting June 4. (Reuters pic) TOKYO : The US dollar edged lower on Monday, giving back some of its gains from last week, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to constrict growth and unleash inflation. The greenback starts the week on the back foot after Trump said late on Friday that he plans to double duties on imported steel and aluminum to 50% from Wednesday. The US currency has been whipsawed for weeks by Trump's on-again-off-again trade war, falling when a flare up in tensions stokes worries of a potential US recession. The dollar witnessed weekly tumbles of 3% against major peers in the days after the April 2 'Liberation Day' tariffs and 1.9% two weeks ago, when Trump threatened 50% levies on Europe. Last week, the greenback got a bit of respite, rising 0.3% after talks with the European Union got back on track and a US trade court blocked the bulk of Trump's tariffs on the grounds that he overstepped his authority. Although an appeals court reinstated the duties a day later as it considers the case, and Trump's administration said it had other avenues to implement the levies if it loses in court, many analysts said it shows there are still checks in place on the President's power. The dollar dropped 0.3% to 143.57 yen as of 0023 GMT, giving back some of its more than 1% rally from last week. The euro gained 0.2% to US$1.1372, and sterling advanced 0.3% to US$1.3489. The Australian dollar added 0.3% to US$0.6454. The US dollar index, which measures the currency against six major peers, eased 0.2% to 99.214. The dollar has also been weighed down by fiscal worries in recent weeks, amid a broad 'Sell America' theme that has seen dollar assets from stocks to Treasury bonds dropping. Those concerns come into particular focus this week as the Senate starts considering Trump's sweeping tax cut and spending bill, which will add an estimated US$3.8 trillion to the federal government's US$36.2 trillion in debt over the next decade. Many senators have already said the bill will need major revisions, and Trump said he welcomes changes. The fate of section 899 of the bill could be crucial, according to Barclays analysts. 'S899 would give the US free rein to tax companies and investors from countries deemed to have 'unfair foreign taxes' (and) could be seen as a tax on the US capital account at a time when investor nervousness towards US assets has grown,' they said in a research report. 'Actively reducing foreigners' total return on their US investments would dent inflows and weigh on the dollar, all else equal,' they added. 'While dollar sentiment/positioning remains close to extreme negativity, the path ahead is by no means clear cut.'
