Source: Inc42
Qure.ai, an Indian startup creating artificial intelligence (AI) solutions for the health care sector, expects to go public in the next two years. Qure’s CEO, Prashant Warier, said they anticipate profitability in early fiscal year 2024, before considering an initial public offering (IPO).
Established in 2016, Qure.ai offers AI-based solutions for the diagnosis of serious conditions like tuberculosis, lung cancer, and stroke. Medical professionals and institutions use Qure.ai tools to identify health problems quickly and accurately by analyzing medical images. This is particularly useful in parts of the world with limited access to trained radiologists.
The company continues to attract significant backing from investors and has raised around $125 million to date. Its key investors include Fractal Analytics, Peak XV Partners, and Novo Holdings, part of the Danish pharmaceutical group Novo Nordisk. While CEO Warier did not disclose the company’s current valuation, data from Tracxn showed that Qure.ai’s valuation was just under $264 million in November 2024.
Speaking about the company’s future plans, 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
“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.
Examples of some notable users of Qure.ai’s technology include: AstraZeneca and Medtronic. In India, it is partnering with Johnson & Johnson MedTech to improve early detection of lung cancer in patients, using its AI technology.
The use of AI in the healthcare industry is rapidly increasing around the world. According to some market research, the global AI healthcare sector, which was valued at around $14.92 billion in 2024, is projected to be valued at $110 billion by 2030. Some experts in the industry indicate that AI is being adopted widely to detect disease, improve the efficiency of workflow, and help burnt-out healthcare workers.
Qure.ai’s technology, international presence and increasing demand for its products/utilities allows it to be a serious contender and player in the global health-tech sector. With a potential for profitability and an IPO, Qure.ai remains confident in its future growth potential.
