ImpactAlpha, February 25 – Bangalore-based Naramai has raised $6 million in early-stage funding for its method of screening and diagnosing breast cancer. The financing round was led by Japanese venture capital firm Dream Incubator with backing from BEENEXT, pi Ventures, impact investor Ankur Capital, Axilor Ventures and Binny Bansal, the co-founder Indian e-commerce giant Flipkart.
India’s cancer-related deaths are on the rise, owing to changing lifestyles and lack of early diagnostic and treatment resources. Naramai is trying to improve breast cancer detection and diagnosis by making screening easier and less costly. Instead of the standard detection method—x-ray-based mammography, which is painful and has high equipment costs—Naramai uses thermal imaging to screen the body. It then relies on artificial intelligence, rather than invasive biopsies, to analyze tissue and find malignant tissue.
Naramai sells its technology and offers training to hospitals and diagnostic clinics. The company launched in 2016 and is working with 21 hospitals in nine cities in India, YourStory reports.
Last year, Predible Health, which makes a lung cancer screening product, secured seed funding from Unitus Ventures.