In a recent funding round, 5C Network, a medical diagnostics platform, has successfully secured a $3 million investment led by Redwood India Healthcare Fund. This marks the company’s first investment endeavour of the year, signalling significant confidence from investors.
Founded in 2016 by Sivasailam and Syed Ahmed, 5C Network offers a platform for users across India to store, create, and analyze radiology images. The firm is crucial in helping hospitals optimize their radiology infrastructure by providing access to skilled radiologists.
Before this round, 5C Network had raised $4.6 million in its Series A round in October 2022, led by Celesta Capital. With the support of prominent backers like Tata 1mg and Celesta Capital, the company has amassed over Rs 80 crore in funding.
However, despite its promising trajectory, 5C Network has faced challenges in terms of growth. Financial reports reveal a 20% decline in collection, amounting to Rs 18.75 crore during the fiscal year ending March 2023. Additionally, the company reported a loss of Rs 19.47 crore during the same period.
Nevertheless, with the recent injection of funds and the backing of Redwood India Healthcare Fund, 5C Network is poised to navigate these challenges and continue its mission of revolutionizing medical diagnostics in India.
