Healthcare AI startup Endimension raises seed funding led by Inflection Point Ventures

Mumbai-based healthcare AI startup Endimension today announced it has raised Rs 2.3 crore ($311K) in a seed funding round led by Inflection Point Ventures.

This is IPV's 31st deal for 2021 and is likely to invest Rs 155 crore across 60+ startups this year. So far, the angel investment firm has invested over Rs 258 crore across 92 deals.

Endimension was founded in 2018 by Bharadwaj Kss, Apparao Mlv, and Kurien Zachariaa after the trio won several international AI hackathons. The startup's advanced AI platform provides help to automatically detect abnormalities and diseases, via AI algorithms from medical scans, so as to reduce patient misdiagnosis and increase Radiologists’ efficiency. Currently, its platform is being used across 100 hospitals and radiology labs in India.

With this round of funding, the IIT-Bombay incubated startup will be able to acquire talent for new product development, R&D as well as for boosting the sales team to fuel further growth, the statement said.

At present, Endimension stands strong with a commendable in-house AI technology team and a combined experience of over 35 years. “There is a global shortage of radiologists leading to radiologist burnout and patient misdiagnosis. The number of medical images is increasing exponentially whereas radiologists are only growing linearly. We wanted to bridge this demand-supply gap using our Radiology AI Platform," said Bharadwaj Kss, Founder & CEO, Endimension.

Bharadwaj is an alum of IIT Madras and IIT Bombay and has experience of over a decade in Artificial Intelligence and Machine Learning research.

"We wanted to bridge this demand-supply gap using our Radiology AI Platform. Our AI platform improves radiologist efficiency and reduces patient misdiagnosis. The team at IPV believed in our cause and vision and are supporting us with growth strategy and investment," he added.

Speaking on the investment, Ankur Mittal, Co-Founder, Inflection Point Ventures, said:

“Cutting-edge technologies are being used in many complex treatments and surgeries. These are early days for the application of AI and ML at the diagnostic stage, not only in India but worldwide. Many companies are working on building intelligence for different body parts which shows the opportunity at play here. The use cases range from providing teleradiology services to medical institutions in the west to supporting lack of infrastructure in remote parts of India."

"The shortage of good radiologists worldwide is another key driver. Endimension is building a unique GTM for the Indian market and has entered into a couple of interesting JVs in related areas in the west building additional valuation opportunities for its investors. Overall, we are very excited to support a group of talented and enterprising founders in this very exciting and upcoming field," he adds.

Apart from this, Endimension had stood 1^st in India at the LUNA-16 International Radiology AI Hackathon competition, competing with over 350 Indian teams. The startup has also received the “Life Science Award” at Asian Entrepreneurship Awards in Japan in 2020.

According to a statement, The global AI in the medical diagnostics market is projected to reach US$3.8B by 2025 from US$500 million in 2020, growing at a CAGR of 50.2% during the forecast period.

The startup further added that the market is primarily driven by government initiatives to increase the adoption of AI-based technologies, increasing demand for AI tools in the medical field, growing focus on reducing the workload of radiologists, influx of large and complex datasets, growth in funding for AI-based startups, and the growing number of cross-industry partnerships and collaborations.

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