Bengaluru-based healthtech startup SigTuple Wednesday said it has raised Rs 33 crore ($4 million) in an extended Series C funding round, led by SIDBI Venture Capital, with participation from some existing investors, including Endiya Partners, and a few undisclosed players from the healthcare sector.
SigTuple will use this new capital to drive geographical expansion, expand its product portfolio and support regulatory clearances, the company said in a release.
“With new funding, the company is poised to design and produce innovative, high-end medical devices in India for a global audience, turning its vision into reality,” it said.
To be sure, the company had raised around Rs 192 crore in its Series C funding round, including a top-up of around Rs 34.5 crore in March last year. To date, the startup has cumulatively raised nearly $45 million in funding.
Founded in 2015, SigTuple develops medical solutions utilizing robotics and artificial intelligence (AI) for high-volume screening tests that necessitate manual analysis of visual medical data.
It is currently focusing on its core product, AI100, which the company claims is now gaining significant traction in the Indian market with major diagnostics industry players as customers. The company, however, is planning to launch a new product that automates all manual microscopy in clinical labs, surpassing the AI100.
“The last round of funding helped us propel our product portfolio forward and obtain the necessary regulatory approvals. While we continue to build on the success of AI100 in India and abroad, 2024 will witness two new major product launches addressing a wide segment of the diagnostic industry, which will help make SigTuple a global brand coming out of India,” said Tathagato Rai Dastidar, founder and chief executive officer, SigTuple.
SigTuple also expanded into Southeast Asia, the Middle East, and North Africa, with its partnership with Horiba Medical as its South Asia distribution channel. It is now looking to enter Europe and the Americas.
“The team at SigTuple has demonstrated a remarkable ability to develop and deploy cutting-edge AI solutions with ‘AI100’ and their upcoming launches. Their strategic focus on partnerships and clinical integrations positions them for rapid adoption and scaling across all the digital pathology areas,” said Debraj Banerjee, senior fund manager of SIDBI Venture Capital.
