Lightspeed Venture Partners is poised to lead a $50-60 million round in health-tech firm Qure.ai, which deals in AI-driven diagnostic tools, reports add. Investment in Qure.ai is the third major investment from the growth fund by Lightspeed following stakes in quick-commerce startup Zepto and undisclosed ed-tech firm Physics Wallah, according to the source, who is familiar with the matter.
Qure.ai will receive a combination of primary capital infusion and secondary share sale in this investment. The deal is about to finalize by the end of the month. Lightspeed is likely to contribute between $20-25 million, with the balance coming from other existing investors. The final deal size is variable based on the secondary sale structure, according to individuals aware of the transaction.
Qure.ai is an AI startup established in 2016, and so far, it has been witnessing tremendous traction worldwide in the diagnosis aid of chest X-rays, tuberculosis care, lung nodule management, and heart failure. Primarily, the company shifted its revenue generation streams to international markets, selling services of AI to physicians and healthcare providers rather than selling directly to consumers. Qure.ai was nominated Top Innovator at the Economic Times Startup Awards in 2021.
Qure.ai, back by Fractal Analytics had earlier raised around $60 million and was last valued at about $233 million, according to data from Tracxn. The other investors in the company include Peak XV Partners, Health quad, Novo Holdings, and MassMutual Ventures.
Lightspeed’s investment is a manifestation of the firm’s growing interest in health and AI-focused companies, as it continues to actively seek growth-stage opportunities. In current news, Qure.ai acquired its 12th Indian patent to a lung abnormality detection system. It now has 29 patents globally.
Neither Lightspeed nor Qure.ai CEO Prashant Warier has said anything about deal talks.
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