– To fuel its expansion plans, SigTuple has secured INR 34.5 crores ($4.3 million).
Bengaluru, 2nd March 2023: In a new funding round, SigTuple has raised Rs. 34.5 crores ($4.3 million). The funding was led by existing investors Endiya Partners and Accel, along with participation from strategic leaders in the healthcare sector. The new capital will be used to drive geographical expansion, expand its product portfolio, and support regulatory clearances.
SigTuple has been focusing on its core product, AI100, since 2020. The product is gaining traction in the Indian market and has attracted some of the biggest names in the Indian diagnostics industry as customers. Over the last few months, SigTuple has partnered with two of the largest medical device distributors, Horiba Medical and Genworks Health, as channel partners for sales and service in India. The company has also expanded to Indonesia by partnering with Tawada Healthcare, one of the largest local distributors in the country. SigTuple is planning partnerships and product launches in other countries in SEA, MENA, Europe, and the Americas.
SigTuple has a strong product roadmap, with plans to build a next-gen product that automates all forms of microscopy being done manually today in any clinical laboratory. The company also plans to enter the point-of-care market based on microfluidic technology and imaging to process essential tests within minutes, driving decentralization and making quality diagnostics accessible to everyone.
Commenting on this, Tathagato Rai Dastidar, Founder & CEO – SigTuple said, “The last 1 year has been truly transformative for the organization – with major product improvements, new product additions and most importantly – strong customer traction. While we continue to build on the success of AI100 in India, 2023 is the year SigTuple will go global – with expansions planned across key markets in SEA, MENA, North America & Europe.”
Dr. Ramesh Byrapaneni, Managing Director, Endiya Partners, said “We at Endiya Partners are thrilled to be part of SigTuple’s groundbreaking journey in providing AI solutions to Pathology and Microbiology. SigTuple is solving an important problem by combining state-of-the-art digitization and AI technology for peripheral blood smears and urine samples, the two most common tests in Pathology Labs worldwide. Furthermore, SigTuple is committed to expanding its AI solutions to Hematology, Cytology, and Microbiology, providing a one stop shop for AI solutions. We are proud to be contributing to SigTuple’s mission to build AI solutions in India for the world.”
“The diagnostic sector in India holds immense potential for growth and development. SigTuple’s digital solutions are at the forefront of innovation, and their dedication to enhancing patient outcomes is truly remarkable. We at Accel are excited to witness the positive impact that SigTuple’s technology will undoubtedly have on countless lives.“- Barath Shankar Subramanian, Partner at Accel.
In the past year, SigTuple has achieved significant growth by strengthening its channel partners and establishing partnerships with major Indian diagnostic chains and hospitals, such as HCG Hospitals, Krsnaa Diagnostics, and Thyrocare Technologies.