Bengaluru-based healthtech startup SigTuple has raised $19 Mn (INR 130 Cr) in a Series B funding round led by Accel Partners and IDG Ventures. Endiya Partners, pi Ventures, Flipkart’s executive chairman Binny Bansal, VH Capital, and Axilor Ventures also participated in this funding round.
The startup also raised venture debt from Trifecta Capital in this round.
SigTuple plans to use the Series B funding to expand assembly and distribution of AI100 — a smart device that enables digitisation of different biological samples like blood, urine and semen — as well as on research and development of new solutions, enhancing its existing solutions, clinical trials, and expansion in other markets.
Commenting on the development, Rohit Kumar Pandey, chief executive at SigTuple, said:
“The major chunk (of the money) will go into setting up a manufacturing pipeline so that we can put more devices in the market. We have applied for US FDA and CE certification. Once we go through the stage, it will require more clinical trials for different market deployments. We will be investing money in this. We need to have a sales and support teams as well.”
Founded in 2015 by Tathagato Rai Dastidar, Rohit Kumar Pandey, and Apurv Anand, SigTuple aims to create a data-driven, machine learning and cloud-based solution for detection of abnormalities and trends in medical data for the purpose of disease diagnosis. The startup is looking to revolutionise the global medical diagnostic space through data-driven intelligence.
SigTuple has already done three commercial deployments of AI100 and is in the process of closing another five by the end of this month.
SigTuple has developed a continuous learning platform powered by AI for healthcare — Manthana. It allows SigTuple to ingest visual medical data from different devices and to train, validate, and execute AI and ML-powered models to classify various objects of interest, detect diseases, and compute the metrics for reporting.
The startup last raised $5.8 Mn in Series A funding led by Accel Partners in February 2017 and, since then, has added many feathers to its cap. Soon after the funding, in May 2017, SigTuple was among the six startups selected by Google for the fourth edition of its Launchpad accelerator programme.
The global healthcare IT market is anticipated to reach $104.5 Bn by 2020, according to a new report by Grand View Research, Inc.
According to IBEF, healthcare has become one of India’s largest sectors both in terms of revenue and employment. The total industry size is expected to touch $280 Bn by 2020.
Inc42 Data Labs Tech Startup Funding Report 2017 had revealed that healthtech witnessed 111 deals and an investment of $333 Mn in 2017, three times the amount raised in 2016. SigTuple was mentioned among one of the healthtech startups to watch out for in 2018 by In42.
[The development was reported by ET.]