SigTuple Secures ₹33 Crore in Funding to Expand AI-Powered Medical Diagnostics
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On Wed, 7 Aug, 8:03 AM UTC
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SigTuple raises ₹33 cr led by Sidbi Ventures
Bengaluru: Bengaluru-based medtech startup SigTuple has raised Rs 33 crore led by SIDBI Venture Capital, with participation from existing investors including Endiya Partners, and a few strategic leaders from the healthcare sector. The team will deploy the funds to expand its geographical footprint, product portfolio, and accelerate regulatory clearances.Its flagship product, AI100, automates the inefficient and error-prone manual microscopic review process for the most common tests -- blood and urine. It makes the life of the pathologist easier and drives improved patient outcomes. It offers a combined hardware and software solution where the hardware is an automated slide scanner, capable of converting physical specimens into digital images. The AI platform analyses these images and provides clinical insights into the sample, which brings down slide review time for the pathologist.Last year, AI100 received US FDA 510(k) approval, making SigTuple the third company globally -- and the first in India -- to achieve this for AI-assisted digital haematology.SigTuple's product roadmap has significant developments ahead. The company is set to launch a next-generation product that automates all manual microscopy in clinical labs, surpassing the AI100. tnn
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Bengaluru-based Medical AI Startup SigTuple Raises $4M, To Expand Operations
SigTuple, a Bengaluru-based medtech startup, has secured $4 million (INR 33 crores) in an extended Series C funding round led by SIDBI Venture Capital. The funding also saw participation from existing investors, including Endiya Partners and strategic leaders from the healthcare sector. The fresh capital will be used to drive SigTuple's geographical expansion, broaden its product portfolio, and support regulatory clearances. This latest investment brings the company's total funding to $50 million since its inception in 2015. The AI-powered startup was founded by Rohit Kumar Pandey, Tathagato Rai Dastidar and Apurv Anand. In 2015, SigTuple raised $16M in a Series C funding, and previous to that had raised $19M. SigTuple has been making significant strides in the digital pathology space. Its flagship product, AI100, which automates manual microscopic reviews using AI and robotics, has gained traction in the Indian market and expanded into Southeast Asia, the Middle East, and North Africa. The company is now poised to enter European and American markets. In a major milestone, AI100 received 510(k) clearance from the US Food and Drug Administration (FDA) in September 2023, making SigTuple the third company globally and the first in India to achieve this for AI-assisted digital hematology. Tathagato Rai Dastidar, founder & CEO of SigTuple said, "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. We are truly excited to welcome SIDBI Venture Capital on board as the lead investor in this round. Their support is going to go a long way in making our dream of going global a reality." The company is set to launch two new major products in 2024. One is a next-generation device that will automate all manual microscopy in clinical labs, surpassing the capabilities of AI100. Additionally, SigTuple plans to enter the point-of-care market with a device leveraging microfluidic technology and imaging to conduct essential tests within minutes. This funding round and product expansion plans underscore SigTuple's commitment to revolutionising the diagnostic industry by making diagnostics decentralised and fully automating microscopic reviews of diseased samples. Interestingly, in recent times there have been a number of AI developments in healthcare. In addition to big tech companies such as Google, Microsoft, Oracle, and others heavily investing in this segment. The companies are bringing LLM- based diagnostic measures in addition to other features to assist doctors.
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Bengaluru-based medical AI startup SigTuple has raised ₹33 crore (approximately $4 million) in a funding round led by SIDBI Venture Capital Limited. The company plans to use the funds to expand its operations and enhance its AI-powered diagnostic solutions.
Funding Boost for AI-Driven Medical Diagnostics
SigTuple, a Bengaluru-based medical technology startup, has successfully raised ₹33 crore (approximately $4 million) in a recent funding round. The investment was led by SIDBI Venture Capital Limited, with participation from existing investors Accel, Chiratae, and Endiya Partners 1. This financial injection marks a significant milestone for the company, which specializes in developing AI-powered diagnostic solutions for the healthcare industry.
Company Background and Technology
Founded in 2015, SigTuple has been at the forefront of integrating artificial intelligence into medical diagnostics. The company's flagship product, Shonit, is an AI-powered imaging solution designed for blood analysis. Shonit utilizes advanced computer vision and machine learning algorithms to analyze blood smears, providing accurate and efficient results for various hematological tests 2.
Expansion Plans and Market Potential
With this fresh infusion of capital, SigTuple aims to expand its operations and enhance its product offerings. The company plans to strengthen its presence in both domestic and international markets, capitalizing on the growing demand for AI-driven healthcare solutions. The global medical diagnostics market, valued at $166.7 billion in 2022, is projected to reach $262.9 billion by 2030, presenting a significant opportunity for innovative companies like SigTuple 2.
Investor Confidence and Future Prospects
The participation of SIDBI Venture Capital Limited, along with continued support from existing investors, demonstrates strong confidence in SigTuple's vision and potential. Rohit Kumar Pandey, Co-founder and CEO of SigTuple, expressed enthusiasm about the funding, stating that it will enable the company to accelerate its growth and bring its AI-powered solutions to more healthcare providers 1.
Impact on Healthcare Delivery
SigTuple's AI-driven diagnostic tools have the potential to significantly improve healthcare delivery, particularly in areas with limited access to skilled pathologists. By automating and enhancing the accuracy of blood analysis, Shonit can help reduce turnaround times for test results and improve overall patient care. This technology is especially valuable in resource-constrained settings, where it can bridge the gap in diagnostic capabilities 2.
Challenges and Competition
As SigTuple continues to grow, it will face challenges in scaling its technology and navigating regulatory landscapes across different markets. The company will also need to stay ahead of competition from other AI healthcare startups and established medical device manufacturers. However, with its innovative approach and strong financial backing, SigTuple is well-positioned to address these challenges and capitalize on the growing demand for AI-powered medical diagnostics.
Reference
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Analytics India Magazine
|Bengaluru-based Medical AI Startup SigTuple Raises $4M, To Expand Operations
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