SUMMARY
The startup will use the fresh funds to expand its geographies and product portfolio
It is planning partnerships and product launches in the key markets of SEA, MENA, Europe, and North America regions.
Over the last few months, SigTuple has onboarded two medical device distributors as channel partners for sales and service in India
Healthtech startup SigTuple has raised $4.3 Mn (INR 34.5 Cr) in a fresh funding round led by its existing investors Endiya Partners and Accel. The startup will use the funds to expand its geographical footprint and product portfolio.
Founded in 2015 by Tathagato Rai Dastidar, Rohit Kumar Pandey and Apurv Anand, SigTuple focuses on building a product which holistically addresses and automates all forms of microscopy done in clinical laboratories.
The startup also plans to enter the point-of-care market based on microfluidic technology and imaging to expedite the processing of essential tests.
Over the last few months, SigTuple has onboarded two medical device distributors as channel partners for sales and service in India – Horiba Medical and Genworks Health. To establish its footprint in Indonesia, it has joined hands with a local distributor, Tawada Healthcare.
As part of its expansion plans, it is planning partnerships and product launches in the key markets of SEA, MENA, Europe, and North America regions.
“The last year has been truly transformative for the organisation, with major product improvements, new product additions, and, most importantly, strong customer traction. While we continue to build on the success of AI100 (its core product) in India, 2023 is the year SigTuple will go global, with expansions planned across key markets in SEA, MENA, North America & Europe,” founder and CEO of SigTuple Tathagato Rai Dastidar said.
Since its inception, the startup has raised $46.2 Mn. In 2019, it raised $16 Mn in a Series C funding round led by Trusted Insights, which also saw participation from Accel Partners, Chiratae Ventures, Pi Ventures, Binny Bansal, and Trifecta Capital.
In 2020, in major leadership rejig, two of its cofounders Rohit Kumar Pandey and Apurv Anand decided to move on and Rai Dastidar took over as the CEO.
India’s medical diagnostics market, currently pegged at $11 Bn, is growing at a rate of 16% year-over-year. As per an Inc42 report, the country’s healthtech market is expected to touch $21 Bn by 2025.
