Deep tech venture capital (VC) firm, Celesta Capital led Series A funding round for 5C Network, an online medical diagnostics platform. The startup secured about $4.6 million in the latest round. Unitus Ventures and Axilor Ventures also co-participated in the round. The round saw participation of angel investors including, Ajay Gupta, Rohit Razdan and Shiv Tallam.
This funding comes shortly after of Tata 1mg’s strategic investment in 5C Network. Prashant Tandon, co-founder and CEO of Tata 1mg, highlighted how 5C Network’s reach across India and focus on systematic service delivery has benefited millions of patients across India, in addition to how their vision to improve healthcare outcomes through 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.
Surya Mantha, Managing Partner, Unitus Ventures mentioned that 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.
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