Qure.ai
Indian company making AI software that reads X-rays and CT scans to flag disease.
On the record
Checkpoint: Next funding round decision: up round with US traction story, or bridge round on weak footing
The call
Qure.ai has the regulatory paperwork and clinical proof that keeps generic AI labs out, but losses are growing faster than revenue while a richer rival chases the same US hospitals.
Qure.ai makes software that helps doctors read medical scans like X-rays and CT scans using artificial intelligence. It is somewhat hard to replace because it has 26 official government approvals and has already been put into hospitals, which takes years to do; however, a competitor called Aidoc has raised much more money (over $500 million versus Qure's $125 million) and is winning deals with big US hospital systems where the real profits are. The company is burning through cash quickly, losing 87.5% more money last year than the year before, which means it will need new funding soon, and the terms of that funding could shrink what current investors own.
Why
01
AI pressure: Aidoc. Aidoc runs a live foundation model across radiology workflows and has raised far more cash to chase the same US hospitals. Could AI do the core job? Unlikely.
02
Bigger players: Aidoc. Aidoc's $500M plus in funding buys it faster US enterprise sales and deeper hospital integrations than Qure can match today. Could a giant copy it? No, they are blocked.
03
What protects it. 26 FDA clearances plus years of clinical data and hospital workflow integrations that are slow for any rival to replicate.
What would change this call
Qure.ai's next funding round size and valuation within 12 months. Shows whether investors still back it against better funded Aidoc or if it raises at a down-round.
FY26 operating loss figure due around fall 2026. Shows whether losses keep outpacing revenue growth, straining its ability to compete on price or reach.
Site count on Microsoft's Precision Imaging Network reaching the 6,000 target. Shows whether Qure.ai is gaining or losing US enterprise distribution against Aidoc.
FY26 operating loss figure due around fall 2026. Shows whether losses keep outpacing revenue growth, straining its ability to compete on price or reach.
Site count on Microsoft's Precision Imaging Network reaching the 6,000 target. Shows whether Qure.ai is gaining or losing US enterprise distribution against Aidoc.
Key numbers
- Revenue Rs 175.5 crore (~$21M), up 24.5% YoY
- Losses widened 87.5% YoY to Rs 90 crore (~$11M)
- 26 FDA-cleared indications across 9 products
Named risks
- FY25 losses grew 87.5% YoY versus 24.5% revenue growth, pressuring near-term funding needs.
- Aidoc's $500M+ war chest and foundation-model push threaten Qure.ai's US enterprise share.
- No confirmed post-Series D valuation, raising down-round and dilution risk at next raise.
- LMIC growth partly dependent on grant funding like the Gates Foundation, subject to donor priorities.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Aidoc | losing to | Aidoc raised $150M Series E in April 2026, total funding over $500M vs Qure.ai's ~$125M |
| Viz.ai | contesting | Viz.ai raised $100M in 2022, reaching ~$289M total funding by 2023 in stroke AI |
| Lunit | contesting | South Korea-based Lunit competes via OEM device integrations in oncology imaging AI |
| Cleerly | contesting | Cleerly raised $192M in 2022 in cardiovascular imaging AI, part of 72% funding concentration that year |
Questions people ask
- Is Qure.ai profitable in 2026?
- No. Qure.ai's losses widened 87.5% year over year to Rs 90 crore (about $11M) in FY25, the year ended March 2025, even as revenue grew 24.5% to Rs 175.5 crore (about $21M), per regulatory filings reported by Entrackr on 2025-10-24.
- Could AI replace Qure.ai's diagnostic software?
- Unlikely soon. Qure.ai holds 26 FDA-cleared indications across 9 products as of February 2026, requiring years of clinical validation that a general foundation model cannot bypass, though rival Aidoc's CARE foundation model pressures its long-term differentiation.
- Who is Qure.ai's biggest competitor?
- Aidoc, an Israel/New York clinical AI rival, raised a $150M Series E led by Goldman Sachs Alternatives in April 2026, pushing its total funding past $500M, versus Qure.ai's roughly $125M raised to date, giving Aidoc a major capital edge in US hospital deals.
- How much funding has Qure.ai raised?
- Qure.ai has raised roughly $121-133M total, including a $65M Series D in September 2024 led by Lightspeed Venture Partners and 360 ONE Asset, plus an $8.17M Bill & Melinda Gates Foundation grant announced in January 2026 for TB and pneumonia ultrasound AI.
- Who owns Qure.ai?
- Qure.ai is privately held and venture-backed, founded in 2016 by CEO Prashant Warier and headquartered in Mumbai. Investors include Lightspeed Venture Partners, 360 ONE Asset, Novo Holdings, Merck Global Health Innovation Fund, and Peak XV Partners.
- What does Qure.ai actually sell?
- Qure.ai sells FDA-cleared AI software that interprets chest X-rays, CT scans and ultrasound for conditions like tuberculosis, lung cancer and stroke, deployed across 90 plus countries and thousands of sites as stated in its October 2025 company announcement.
Timeline
- 2026-02-26FDA clears qXR-Detect with PCCP, bringing Qure.ai to 26 cleared indications
- 2026-01Gates Foundation grants Qure.ai $8.17M for AI point-of-care ultrasound in LMICs
- 2025-11-18Qure.ai joins Microsoft Precision Imaging Network for lung cancer detection suite
- 2025-10-24Entrackr reports FY25 losses widened 87.5% to Rs 90 crore on Rs 175.5 crore revenue
- 2025-10-22Qure.ai receives 19th FDA clearance, qER-CTA for neurocritical triage
- 2025-06-26Qure.ai named to TIME's 100 Most Influential Companies 2025, Pioneers category
- 2025-05Qure.ai launches AIRA AI co-pilot for LMIC frontline health workers at WHA
- 2024-09Qure.ai closes $65M Series D led by Lightspeed Venture Partners and 360 ONE Asset
Revision history
30 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Qure.ai's losses widen 87% to Rs 90 Cr in FY25 (2025-10-24)
- Qure AI, Funding, Revenue & Investors (2026) (2026-05-28)
- Qure.ai Gets $65M Series D Funding to Expand Healthcare AI
- Lightspeed to Lead $50-60 Million Funding Round For AI-Driven Diagnostic Startup Qure.ai (2024-09-17)
- How Much Did Qure AI Raise? (2026-04-19)
- cbinsights.com (2026-07-30)
- Qure.ai Nets Six New Indications Cleared by the FDA (2026-02-26)
- Qure.ai Continues Pace of US Growth With 19th FDA Clearance (2025-10-22)
- Qure.ai Recognized Among TIME's 100 Most Influential Companies of 2025 (2025-06-26)
- Qure.ai and Microsoft Collaborate on Lung Cancer Detection (2025-11-19)
- Qure.ai Launches AIRA for LMIC Health Workers at WHA 2025
- Qure.ai Partners With Microsoft to Increase Access to Its Lung Cancer Detection and Management Suite in the U. (2025-11-18)