Bengaluru, 11th October 2022: 5C Network, India’s leading online medical diagnostics platform, has recently successfully raised US$4.6 mil in Series A financing led by deep tech venture capital firm, Celesta Capital, with existing investors Unitus Ventures and Axilor Ventures co-participating in the round, along with notable angel investors including Ajay Gupta (Emeritus Partner at McKinsey & Co.), Rohit Razdan and Shiv Tallam.
Medical diagnostics is a USD 11Bn market in India growing at a rate of 16% y-o-y.
While pathology has been centralized and scaled, radiology is still lagging behind when about 85% of moderate to severe illness needs radiology intervention. 5C has been making strides to shift the whole diagnostic experience for patients – from booking a test to obtaining accurate and timely reports digitally, with an average TAT of 39 minutes and an accuracy of over 99.3%, across India.
5C is able to do this through a collaborative network of radiologists powered by their Prodigi platform – an intelligent platform that can integrate multiple AIs seamlessly. While AI companies must focus for years on one ailment, prodigi gives them a platform to transact on through deep integrations. Prodigi.ai has enabled over 2000 hospitals and diagnostics centers in 300 cities to deliver accurate, fast, actionable diagnosis and reports to patients and referring physicians.
“In the evolution of digital diagnostics in healthcare, 5C Network is among the pioneers,” said Kalyan Sivasailam, CEO of 5C Network.
“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. While we plan to utilize this round of funding to broaden and deepen our installed base of diagnostic establishment clients and radiologists, we will focus on ramping up talent and infrastructure for our data science and clinical teams. With a comprehensive and seamless test-booking to clinical delivery experience, we believe we will change the way diagnostics is experienced by every stakeholder in the healthcare ecosystem.”
This raise comes on the heels of the strategic investment by Tata 1mg, in 5C Network. Prashant Tandon, co-founder and CEO of Tata 1mg had highlighted how 5C Network’s reach across India and focus on systematic service delivery has benefited millions of patients across India and how their vision to improve healthcare outcomes using technology, resonates at the right frequency.
“The India healthcare system needs digitization and point of care diagnostic devices that contribute to clinical networks to manage cost, turnaround time, and clinical quality,” said Sudhir Rao, Managing Partner at Celesta Capital. “
“The 5C Network has hyper-locally connected CT, MRI and X-Ray machines that manage the workflow for a patient, clinical networks and hospitals, which can now depend on AI and ML to enhance the clinical efficacy for Pathologists and Radiologists.”
Surya Mantha, Managing Partner, Unitus Ventures said “5C Network’s ‘Digital Diagnostics as a Service’ has been a game-changer. With advanced AI products, a robust network of radiologists and clients, delivering timely diagnostics services at scale is now a reality. As early investors in the platform, we have witnessed their rapid and sustained growth with strong unit economics.”
“5C Network makes geography irrelevant when it comes to speedy and accurate medical diagnosis and with this new funding, they are primed to play an even larger role in the fragmented diagnostics space in India”.
About 5C Network
5C Network is building digital infrastructure for delivering better healthcare diagnostics in India. The company provides marketplace-like access for diagnostic establishments, radiologists and patient aggregation and management providers. Through its cutting-edge Prodigi (www.prodigi.ai) platform, 5C delivers 1.5 radiological reports annually to 2000 hospitals and diagnostic centers across 300 cities in India. The company has successfully raised Series A capital from marquee global and strategic investors.
About Celesta Capital
Celesta Capital is a leading deep technology venture capital firm that leverages synergies between leading centers of innovation in the US, India, and Israel to create globally impactful enterprises. The firm has a team of seasoned investment professionals located in these countries. The Celesta team, with deep operating experience, has built multi-billion-dollar businesses at companies such as Intel, Cisco, Apple, and Flex. The firm has funded over 80 technology companies globally and actively invests in the following verticals: software, semiconductors, intelligent systems, bioconvergence, and industry transformers.