Bengaluru-based healthtech startup SigTuple has raised $19 million in its Series B funding round which was 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.
Along with this, the company has also raised venture debt from Trifecta Capital in this round. It is planning to use the raised 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. It also plans to spend on research and development of new solutions, enhancing the existing solutions, clinical trials and expansion in other markets.
Commenting on this, Rohit Kumar Pandey, CEO 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.
The company, which was founded in 2015 by Tathagato Rai Dastidar, Rohit Kumar Pandey and Apurv Anand, aims to create a data-driven, machine learned, cloud-based solution for detection of abnormalities and trends in medical data, for disease diagnosis.
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.
According to IBEF, healthcare has become one of India’s largest sectors both in terms of revenue and employment and the total industry size is expected to touch $280 billion by 2020.