Bengaluru-based 5C Network, a Tata 1mg-backed company has acquired the United States-based health tech start-up Krayen for an undisclosed amount.
According to an Economic Times (ET) report, the acquisition will help the company to increase its scanning devices. It is eying to conduct one billion scans in a year by 2025.
Last year, 5C Network raised $4.6 million in a funding round, led by Celesta Capital. Other investors like Unitus Ventures and Axilor Ventures also joined the round.
Founded in 2016 by Sivasailam and Syed Ahmed, 5C claims to work with 15 clients across the world. With a 15 members bandwidth, the company is known for providing personalised treatment plans to hospitals through its artificial intelligence (AI) driven programme.
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Talking about the latest development, Kalyan Sivasailam, the co-founder of 5C Network, said, "We are excited to build on Krayen’s expertise in AI, ML, data and platform engineering. We are in a quest to build an intelligent and robust platform that can serve a billion scans a year, and Krayen’s ability to process massive amounts of data and bring out valuable insights will advance 5C’s efforts to make this a reality.”
“As a team, we have faced the challenge and impact of delayed, incorrect and actionable diagnosis, and we believe that our deep expertise in AI, ML, deep learning and data engineering is an essential piece of the puzzle when solving better diagnostics. We resonate with 5C’s vision and mission, and the team at Krayen is more motivated than ever to drive towards this goal," Bargava Subramanian, the co-founder of Krayen, said.
