Sequoia India’s Surge backs healthtech startup RedBrick AI with $4.6M funding • TechCrunch
Healthtech startup RedBrick AI has raised $4.6 million in a funding round led by Sequoia India and Southeast Asia-based Surge to expand the market for its medical image annotation solution.
Artificial intelligence has become ubiquitous in clinical diagnostics. But researchers spend much of their initial time preparing data for training AI systems. The training process also requires hundreds of annotated medical images and thousands of hours of clinician annotation. Headquartered in Delaware and with an Indian subsidiary in Pune, the SaaS startup solves this problem with its automated and semi-automated annotation tools.
RedBrick AI co-founder and CEO Shivam Sharma said the startup is helping make annotations up to 60% faster using its configurable workflow system, which works with medical images like CT scans, X-rays, MRIs, and ultrasounds is working.
“We see ourselves building the fundamental layer of artificial intelligence in healthcare. Going forward, we want to help teams with everything from data preparation to FDA approval of the algorithms,” Sharma said in an interview with TechCrunch.
Founded in 2021 by former SpaceX Hyperloop engineers Sharma and Derek Lukacs (who serves as CTO), RedBrick AI provides specialized annotation tools accessible via a web browser that integrate with customers’ existing data storage system such as AWS, Google Cloud Platform , can be integrated and Azur. It also has semi-automated tools for annotating complex 3D medical images.
RedBrick AI also provides APIs that machine learning engineers can integrate with their cloud solutions and clinical data stores, including hospital enterprise PACS servers.
“Clinicians just need to log into their browser and the whole workflow aspect is automated,” said Sharma.
Once correctly annotated, images can be used for faster and more detailed diagnosis. The annotated images can also be used by surgical robots and for automated cancer detection.
RedBrick AI has a seven-strong team primarily based in India, although the startup focuses primarily on the US and Europe for marketing its tools. The startup also sees 99% of the competition coming from open-source tools, followed by the in-house tools developed by companies to meet their specific needs.
RedBrick AI’s early customer base includes German biotech startup Orbem, Canada’s cancer and disease screening platform Prenuvo, Boston-based nonprofit hospital and physician network Mass General Brigham, and Maharashtra’s radiology AI platform Deeptek.
Y Combinator and angel investors also participated in the all-equity seed round. Prior to this round, the startup was included in Y Combinator’s Winter 2022 cohort, which was dominated by 32 Indian startups.
According to Sharma, RedBrick AI plans to use the fund to go beyond its current customer base and reach out to businesses. There are also plans to hire new engineers to expand the specialized toolset.