Being an emerging economy, boasts of several sunrise sectors with healthcare leading the way. Right from hospitals, to medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment, the sector is being revolutionized with innovative technology being developed and adapted at a fast pace.
As per Invest India, Indian healthcare industry today is poised to be one of the largest in the world, being projected to reach USD 372 Bn by 2022, thanks to innovation in all aspects of Healthcare ecosystem, be it Healthcare Information technology, Medical diagnostics, or Telemedicine.
As we are Globally fighting Pandemic Covid-19 today, with several countries in deep health and Economic risk, it is key to back technologies and innovations that can support the Hospitals and healthcare professionals in not only managing to conquer the current situation, but also for capability enhancement to ensure that the healthcare systems globally are more equipped for any such future eventualities.
In view of the innovation and impetus the Indian Health-tech industry requires for it to grow globally, GHV has invested in DeepTek (www.deeptek.ai), an AI enabled Radiology Platform, along with Nobori Ltd.(a leading medical imaging solution provider in Japan) and Pentathlon Ventures. Other renowned investors who have backed DeepTek also include NTT DATA, a leading IT services company from Japan.
According to Vikram Upadhyaya, Founder & Chief Mentor, GHV – “In these times of uncertainty, as we together fight the Health risk and Economic risk at a global level, Healthcare has proven to be the most important and impactful sector, not only in India, but Globally. DeepTek has showcased to be a very impactful technology to support Healthcare professionals, led by a strong professional Founding team of successful serial Entrepreneurs.”
Nobori Ltd. is Japan’s leading player in the medical imaging market. It captures well over 70% of Japanese Cloud PACS market. According to Yoshihisa Yoda, President and CEO of Nobori Ltd “DeepTek has an outstanding co-founding team with a unique mix of domain, AI and business expertise. We share a common vision and have great synergies. Together we want to evolve advanced AI powered medical imaging solutions catering to the global markets”.
DeepTek’s vision is to provide cutting edge solutions powered by deep learning algorithms which will bridge the wide gap in the imaging sector empowering experts, physicians, patients, governmental decision makers and not for profit organization with power which can potentially systematize the dynamics of imaging workflow. The Company works on an AI + Cloud + Crowd Powered Platform, reducing the cost and time for results of radiology scans. The Company forms a part of Healthcare Artificial Intelligence Market which was estimated to be over USD 750 Mn in 2016 and forecast to witness nearly 40% CAGR from 2017 to 2024, wherein Medical Imaging and Diagnosis is expected to be amongst the top opportunity area.
About the Team
The Company was founded by Amit Kharat, Ajit Patil, and Aniruddha Pant in 2018.
With a DNB and PhD in Radiology, Amit Kharat has been engaged in the space for the last 17 years. His fellow Co-founder, Ajit Patil, has a Master’s degree from IIT-Kharagpur in Industrial Engineering and Operations Research, and also co-founded a Japan-focused software services firm – Vertex Software, which had strategic equity investment from Mitsui & Co. Ltd., and exited to NTT DATA. With a PhD from the University of California at Berkeley, Aniruddha Pant is a data science expert and has considerable experience in leveraging deep learning for medical image processing. Ajit and Aniruddha, who are alumni of the College of Engineering, Pune, knew each other from before, while Amit and Ajit met when the latter was evaluating teleradiology companies for his new venture.
According to the founders, there are an estimated four billion people who do not have access to quality medical imaging expertise. Although teleradiology has managed to do the function of remotely diagnosing the radiology images, it faces challenges of quality, staffing, and scalability. Teleradiology helps in transmitting a patient’s images such as x-rays, CT, and MRI scans, from one location to another to share studies with radiologists.
DeepTek aligns well for GHV’s vision with which GHV launched its India focused technology Fund and Accelerator in 2014 (www.ghvaccelerator.com) with the focus to build DeepTech Innovations in India in partnership with Japanese Corporates. GHV, as a strategic partner to Japanese corporates in India, strengthens their investment thesis for India with local presence. Some key milestones GHV embarked on the way to achieve this vision, were when GHV took Startup India Movement to International Markets (Startup India is an initiative of the Government of India); and when GHV launched its Industry CoCreation Program in 2019 – Built and Operates Maruti Suzuki Mobility & Automobile Innovation Lab (MAIL ) Program powered by GHV Accelerator.
According to Ajit Patil, Founder of DeepTek – “At DeepTek we are leveraging the power of AI to make radiology more accessible and affordable. Our solution has been commercially adopted by over 50 hospitals and imaging centres. It enhances patient care while improving productivity of radiologist multifold. Funding helps us scale global operations and support regulatory approvals.”. ”GHV has deep roots in Japanese as well as Indian ecosystem. We would not have had a better partner to bridge the two.” added Ajit.
On this occasion, Shunichi Amemiya, Head of Research and Development headquarters, NTT DATA Corporation – Japan said “Healthcare is one of the NTT DATA’s strategic focus areas and we are providing wide range of healthcare IT services worldwide. I believe we can enhance our services and realize digital transformation of our clients by closely collaborating with DeepTek.”
An AI + Cloud + Crowd Powered Teleradiology Platform catering to global customers.
A Gurugram based Indo-Japanese Venture Accelerator, Seed Fund and Industry Co-Creation Platform.
Japan’s largest Cloud PACS provider, a group company of Mitsui & Co Ltd and TechMatrix Corp – Japan.
A Pune based Tech focused VC with scale up accelerator run by serial entrepreneurs with an impeccable track record.
About NTT DATA
A leading IT services provider and global innovation partner headquartered in Tokyo, with business operations in over 50 countries.