Healthtech Startup RedBrick AI Bags Funding To Solve Medical Data Annotation Issues - AI 2022 Updates

 The startup has raised $4.6 Mn in seed funding

The round was led by Sequoia India and Southeast Asia’s Surge

RedBrick AI plans to utlise the fresh capital for expanding its specialised tooling suite, hire more resources in the engineering roles in India and grow the customer base

Healthtech startup RedBrick AI has raised $4.6 Mn in a seed funding round led by Sequoia India and Southeast Asia’s Surge, with participation from Y Combinator and angel investors.

The startup wants to accelerate the development and adoption of artificial intelligence in clinical settings, through rapid data annotation on medical imagery.

Launched in 2021 by CEO and cofounder Shivam Sharma, along with CTO and cofounder Derek Lukacs, RedBrick AI aims to build the foundation of healthcare artificial intelligence (AI) with its annotation tools for medical imagery.

RedBrick AI’s tools address several challenges related to medical data annotation, including the complexity of existing annotation tools, quality control and machine learning integration. The startup said its specialised annotation tools can be accessed through the browser and are designed to be used without prior training.

RedBrick AI plans to utlise the fresh capital for expanding its specialised tooling suite, hire more resources in the engineering roles in India and grow the customer base.

It is also focussed on solving one of the key challenges to healthcare AI adoption – providing clinicians high-quality data annotation tools that accelerate the preparation of training datasets.

“With the rapid growth of artificial intelligence in clinical settings, researchers need excellent tools to build high-quality datasets and models at scale. Our customers are in the vanguard of this growth, pioneering everything from surgical robots to automated detection of cancers. The new funds will be integral to the growth of our engineering team in India and to expand our suite of products,” Sharma said.

This month, several other healthcare startups such as Even, CureBay have raised $15 Mn, $6.1 Mn in fresh funding rounds respectively.

While AI is expected to be one of the most widely used technologies across industries globally, many industries such as medical and healthcare segments are adopting it gradually.

According to an Inc42 report, the overall Indian healthtech market is estimated to become a $21 Bn space by 2025. Moreover, the healthtech startups concertedly bagged around $700 Mn in the first half of 2022, another Inc42 report said.

Credits/HELP - https://inc42.com/

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