Diagnostics platform 5C Network raises $4.6 mn in Series A funding led by Celesta Capital

BENGALURU: Medical diagnostics platform 5C Network (India) Pvt. Ltd. on Tuesday secured about $4.6 million in a Series A funding round, led by venture capital firm Celesta Capital, with participation from existing investors including Unitus Ventures, Axilor Ventures, the startup said in a release.

Angel investors including Ajay Gupta, Rohit Razdan, and Shiv Tallam also participated in the financing round.

This fundraising comes after Tata 1mg, in March, made a strategic investment in the Bengaluru-based startup for an undisclosed amount.

“We are building the world’s best AI-powered diagnostic reporting platform, Prodigi, and developing the smartest algorithms to route every scan to the best qualified, available radiologist online. We expect this to scale significantly over the coming quarters,” said Kalyan Sivasailam, the startup’s chief executive officer.

He added that 5C Network is looking to use the fresh funds  to widen its diagnostic clientele, ramp up talent acquisition and building infrastructure for its data science and clinical teams.

The medical diagnostics firm had secured $1.2 million in a pre-Series A funding round led by existing investors Unitus Ventures and Axilor Ventures in December 2020. The company had said it would deploy the funds to allow doctors and patients make better medical decisions.

The startup’s primary offering is its artificial intelligence-driven platform, Prodogi, which 5C Network says, delivers radiological reports to hospitals in over 300 Indian cities. It claims to have reduced the turnaround time for receiving diagnostic test results to about 39 minutes.

It also launched a learning platform, 5C Academy, to offer training to radiographers and radiologists. It will also offer certification to radiographers specialising in CT and MRI scans.

Founded in 2016 by Sivasailam and Syed Ahmed, 5C Network allows users to store, generate, and interpret radiology images across India, and allows hospitals to generate higher returns on their radiology infrastructure by making radiologists available.