Bangalore-based healthtech startup SigTuple has raised $19 million in its Series B funding round led by Accel Partners and IDG Ventures. Other existing investors Endiya Partners, pi Ventures, Binny Bansal and new investors VH Capital, Axilor Ventures and Trifecta Capital, also participated in this round.
Founded in April 2015 by Rohit Kumar Pandey, Tathagato Rai Dastidar, and Apurv Anand, SigTuple will use the latest round of funding to power the assembly and distribution of its newly launched diagnostic machine AI100, research and development of new solutions and enhancements of the existing solutions, clinical trials and expanding its market.
The startup has developed a low-cost system for scanning blood, urine and semen samples, which uses Aritficial Intelligence to recognise microscopic images of blood cells. Using its own software, the machine can recognise blood samples to quantify normal and abnormal cells and to track sperm cells.
SigTuple has already done three commercial deployments of the technology and is in the process of closing another five by the end of this month. It is also planning a soft commercial launch of its blood analyser and testing tool in India and a beta solution for retinal scan analysis in the next quarter.
The startup had raised $5.8 million (around Rs 38.8 crore) in a Series A funding in early 2017.
Prior to that, it had raised $740,000 in 2016 from Flipkart founders Sachin Bansal and Binny Bansal, Accel Partners and a few other angel investors, including former Biocon executive Nirupa Bareja and Amazon Lab126 executive Debanjan Mukherjee.
SigTuple competes directly with prominent players such as Visit, Innovaccer, Zoctr, Lybrate, and Tricog among others.
According to Grand View Research Inc, the global healthcare IT market is expected to reach $104.5 Bn by 2020. In a booming healthcare industry, it will be interesting to watch how SigTuple comes forward in expanding its presence and reach.
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