Japanese IT service provider, NTT DATA has invested in medical imaging AI start-up company DeepTek. NTT has not disclosed the size of investment.
Japanese IT service provider, NTT DATA has invested in medical imaging AI start-up company DeepTek. NTT has not disclosed the size of investment. Ajit Patil, co-founder, DeepTek, said this was a seed stage funding and NTT had picked up 10-15% stake in the company and they had formed a strategic equity partnership with NTT Data.
This funding would take care of their need for around two and half years but they are looking at further global alliances and venture funding, he said. DeepTek is co-founded by Dr Amit Kharat a leading radiologist in the country, Aniruddha Pant an AI technology expert with a Berkeley University PhD, and Ajit Patil, a serial entrepreneur, whose earlier start-up exited to NTT DATA Corp.
The company is headquartered in the US with work being done out of the centre in Pune. They are looking at disrupting the service model in the radiology industry with more accurate reports at faster times and at lower costs. The one-year-old company is already earning revenues of around Rs 5 crore with 70% of revenues coming from India and 30% from the US, Patil said. They believe that the AI technology has the promise to transform the global radiology market with potential to reduce workload of the radiologists, expedite the diagnosis process and improve productivity of radiologists.
DeepTek is leveraging AI technology to develop an advanced decision support system for radiologists. DeepTek’s solutions are designed to help reduce radiologists’ workload and expedite the diagnosis process. Explaining the NTT Data interest in their start-up, Patil said Japanese take as many CT scans and MRIs as Indians take selfies and their systems was not able to cope with this and it takes several weeks to deliver reports. Their technology aids in faster and better decision making and will take half the time to diagnose so more cases can be dealt with and costs too can come down.
According to Patil, a growing patient population globally and relatively limited availability of radiologists is creating increased cost of services and longer wait for patients. “Within the medical fraternity radiologists have been the early adopters of technology. By leveraging AI we are developing solutions which will help them substantially improve their efficiency and accuracy,” Patil said. DeepTek is already connected to several hospitals and medical institutes in India. A team of 10 radiologist and data scientists in Pune working on this teleradiology model. DeepTek is collaborating with several India-based hospitals to develop and validate their solutions and has a strong team mix of radiologists and data scientists. “Over the last year NTT DATA has been collaborating closely with DeepTek.
This strategic investment allows us to form a deeper relationship,” said Tsuyoshi Kitani, director and EVP, head of technology and innovation, General Headquarters of NTT DATA. “NTT DATA has a large presence in the medical imaging technology market globally. Our collaboration will enable us to take DeepTek’s offerings to our customers globally,” Kitani said. NTT DATA’s flagship cloud-based Unified Clinical Archive solution includes the third-largest commercial medical imaging database in the North American market, with an archive of several billion images and hosts the data of approximately 1,100 clinical imaging sites.