March 2025
Case
HBS Case Collection

Niramai: An AI Solution to Save Lives

By: Rembrand Koning, Maria P. Roche and Kairavi Dey

Format:Print
| Language:English
| Pages:25

Abstract

Founded in 2017, Niramai developed Thermalytix, a breast cancer screening tool. Thermalytix used a high-resolution thermal sensing device and machine learning algorithms to analyze thermal images and detect tumors. Its patented solution leveraged big data analytics, AI, and ML for reliable, early, and accurate breast cancer screening. Early clinical trials showed that the solution was equal to or, in some instances, more accurate than mammography available in India. The team was elated that they had developed an effective, low-cost, easier-to-use, non-invasive, and less painful solution for patients. As Manjunath considered the next phase of Niramai’s growth, she wondered if it was time to raise another round of funds and conduct a new, comprehensive clinical study. Should the trial be conducted in the U.S., where it would be significantly more expensive but with the possibility of an exponentially higher payout if the trials were successful? Or should they raise a smaller round now, do a larger trial in a populous developing country such as Indonesia, and focus on lower-to-middle-income countries?