Bengaluru-based healthcare startup SigTuple has raised $19 million (₹130 crore) in the Series B round of funding. Founded 2015 by former American Express employees Rohit Kumar Pandey, Tathagato Rai Dastidar and Apurv Anand, the company has raised $6.5 million from different investors so far.
The Series B round was led by IDG Ventures and Accel Partners along with pi Ventures, Endiya Partners, VH Capital, Axilor Ventures and Flipkart’s executive chairman Binny Bansal. SigTuple has also raised venture debt from Trifecta Capital in this round.
The company has been working on a low-cost system for examining blood, urine and semen samples using artificial intelligence to recognise microscopic images. Using SigTuple’s own software, their machine can now recognise these samples to differentiate between normal and abnormal cells.
Pandey the chief executive at SigTuple told a financial newspaper, “The major chunk [of money from this investment] 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.”
SigTuple has been using AI to develop hardware and software products that would digitise pathology results from hospitals. Now, with the new funding in hand, SigTuple plans to use it to further advance in research and development of their products. They also want to enhance their assembly, distribution and conduct more clinical trials.
“There is a tremendous opportunity to make healthcare accessible, affordable and accurate. Year after year our confidence to transform healthcare delivery has increased. We are excited about the future as we are gearing up to take our solutions and services to the larger population,” added Pandey.
The journey has only begun !!!https://t.co/BtnpqLri9S
— SigTuple (@sigtuple) June 26, 2018