SUMMARY
The funding round was led by VC firm HealthQuad and also saw participation from existing investors such as JSW Ventures, Khosla Ventures and Sharrp Ventures
Cureskin will use the fresh proceeds to further enhance its capabilities, expand offerings, scale up operations and accelerate growth
Founded in 2017, CureSkin leverages AI on its app to offer personalised skin and hair care solutions
AI-driven dermatology platform Cureskin has raised $20 Mn in its Series B funding round led by venture capital (VC) fund HealthQuad.
The round also saw participation from existing investors such as JSW Ventures, Khosla Ventures, and Sharrp Ventures.
In a statement, Cureskin said that the capital will be utilised to further enhance its capabilities, expand offerings, scale up operations, and accelerate growth.
Founded in 2017 by Guna Kakulapati, Ramakrishna Rajanna, and Charu Sharma, CureSkin leverages AI on its app to offer personalised and dermatologist-prescribed skin and hair care solutions. Additionally, the platform also offers guidance and dermatologist follow-ups to its users.
“… These funds will help further enhance our AI capabilities, accelerate our growth and expand solution offerings. We aim to provide optimal skin and hair health to millions of individuals across the country,” Cureskin cofounder and CEO Kakulapati said on the funding round.
With the latest fundraise, the Bengaluru-based startup has raised a total funding of over $26 Mn till date. It last raised $5 Mn in a funding round in 2022.
The startup claims to use AI to analyse more than 10 Mn skin pixels on photos to derive more than 2,000 facial attributes to detect skin conditions. Trained on a database of more than 50 Mn images, the platform then segments consumers into over 65,000 different profiles and offers tailored offerings to customers.
It claims to have so far catered to more than 15 Lakh customers, with over 80% of them coming from Tier-II, III regions.
The fundraise comes at a time when the Indian startup ecosystem is reeling under the impact of the ongoing funding winter. While the overall funding numbers are down, startups in the healthtech space have been seeing renewed interest from investors in recent months.
Earlier today, healthtech startup Sugar.fit secured an additional $5 Mn in its extended Series A funding round led by B Capital. In February, Zeno Health raised $25 Mn in its Series C funding round led by South Korean PE firm STIC Investments.
As per an Inc42 report, the Indian healthtech space is projected to grow to a market size of $21.3 Bn by 2025.
