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5C Network bags $1.2 million in pre-series A funding from Unitus Ventures

Our Bureau, Bengaluru
Tuesday, December 8, 2020, 17:20 Hrs  [IST]

5C Network a radiology platform has secured pre-series A funding of $1.2 million from existing investors, Unitus Ventures and Axilor Ventures. With the current round, the company has achieved Rs 13 crore in funding to date. It brings together hospitals and diagnostic centres, leading radiologists and the technology to deliver fast and actionable diagnoses to physicians and patients.

Through the use of the 5 C Network platform and artificial intelligence (AI) algorithms reduces the turnaround time for a radiology report from the typical 48 hours to just 42 minutes, while ensuring the highest degree of accuracy. This allows hospitals to significantly reduce their "door-to-needle" time, especially for critical cases, making sure that patients receive life-saving intervention faster.

According to Kalyan Sivasailam, CEO, 5C Network shares, “Radiology is the most important method of diagnosis for almost all major ailments today, and digital radiology is going to play a huge role in delivering better diagnoses, treatments and outcomes, especially in tier-II and tier-III cities, where there is an acute shortage of trained and experienced radiologists.

“We plan to utilise the funds to upscale the products and services that help doctors and patients make better decisions. Our platform is already seeing large-scale adoption, and we aim to further scale up our reach and our products with this new infusion of capital,” he added.

Stressing on the current demand for digital radiology, Kalyan stated, “We have seen about 3,300 scans per day in the past 6 months. 5C’s value proposition of technology and artificial intelligence-enabled reporting has gained more prominence since the pandemic, as it empowers radiologists to triage patients depending on the urgency of the case. Our leadership in AI-enabled reporting has given us the highest levels of customer satisfaction (as measured by NPS -- Net Promoter Score) amongst all digital healthcare platforms. Radiologists too have realised that there is no limit to their learning and earning on 5C.”

Surya Mantha, senior partner, Unitus Ventures said that there is immense potential for smart health-tech solutions to transform the Indian healthcare system. The pandemic has already presented an enormous challenge and opportunity for these solutions to deliver on their promise. 5C is experiencing huge demand from untapped markets in India and overseas, and plans to expand rapidly into these geographies. We have always championed 5C’s vision to bridge the urban-rural healthcare accessibility gap in India using digital technology and AI, and we continue to support them as they make rapid progress in this endeavor.”

Kalyan Sivasailam and Syed Ahmed, 5C has partnered with over 600 hospitals and diagnostic centres across 27 states in India, which send over 100,000 cases a month to 5C for diagnosis. Over the next 12 months, it aims to expand its client base to over 2,500 hospitals and diagnostic centres all over the country, and build products and services to drive clinical excellence and better diagnosis in radiology.

 

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