Pune-based health-tech platform RedBrick AI recorded a 79% drop in scale to Rs 34.1 lakhs in the the fiscal year ending March 2023 as compared to the previous fiscal’s Rs 1.62 crore.
Founded by Shivam Sharma and Derek Lukaca, RedBrick AI is an AI-powered platform that helps healthcare organizations annotate and label medical images. The platform uses machine learning and deep learning, to automate the annotation process. Some of its features include image annotation, segmentation, classification, and retrieval. The SaaS platform offers high-performance web annotation tools for 2D and 3D data to give experts access to specialized tooling right from their browsers.
It additionally offers a suite of APIs to help developers consume the annotations being created and integrate with MLOps. It’s tools claim to address several challenges unique to medical data annotation, such as the complexity of existing annotation tools, quality control, and machine learning integration.
Along with a drop in revenue, the company registered a 71% drop in expenditure for the fiscal year to Rs 37.8 lakhs. While employee benefits costs contributed over Rs 12 lakhs, close to Rs 6 lakhs was accounted for legal charges. RedBrick AI’s expenses amounted to Rs 1.3 crore in FY22.
The platform recorded losses amounting to Rs 3.67 lakhs. It had previously generated a profit of Rs 32 lakhs in FY22. Its EBITDA margin stood at -10.78% while the ROCE was -12.38% in FY23.
The three-year-old company has raised a total of over Rs 38 crore over 2 funding rounds. It last raised Rs 37.5 crore from the likes of Sequoia Capital, Surge, and Y Combinator in late 2022.