Medtech Startup SigTuple Raises USD 4 Mn Led by SIDBI Venture Capital With new funding, the Bengaluru-based company is poised to design and produce innovative, high-end medical devices in India for a global audience.
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Medtech startup SigTuple has raised INR 33 crore (USD 4 million) in its extended Series C round led by SIDBI Venture Capital, with participation from existing investors including Endiya Partners and a few strategic leaders from the healthcare sector.
Prior to this, in March 2023, it raised USD 4.3 million in its Series C round led by Accel and Endiya Partners.
The raised capital will be used to drive geographical expansion, expand its product portfolio, and support regulatory clearances.
Tathagato Rai Dastidar, Founder and CEO of SigTuple, said, "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. 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."
Founded in 2015 by Apurv Anand, Bharath Cheluvaraju, Rohit Kumar Pandey, and Tathagato Dastidar, SigTuple manufactures intelligent robotic microscopes with artificial intelligence (AI) to automate the manual process in clinical laboratories.
Since 2020, SigTuple has focused on its core product, AI100, which is now gaining significant traction in the Indian market with major diagnostics industry players as customers.
Partnering with Horiba Medical as its South Asia distribution channel, SigTuple claims to have also expanded into Southeast Asia, the Middle East, and North Africa and is poised to enter Europe and the Americas.
According to the company, in September 2023, 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 hematology.
Debraj Banerjee, Senior Fund Manager, SIDBI Venture Capital Ltd (SVCL), who is focusing on deeptech investments, said, "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 integration positions them for rapid adoption and scaling across all the digital pathology areas. We are excited to support their journey and confident in their vision to innovate digital healthcare and enhance patient testing globally."
Dr Ramesh Byrapaneni, Managing Director of Endiya Partners, a Cardiologist turned Venture Capitalist, added, "SigTuple is bringing the power of optics, robotics, microfluidics, and AI to healthcare. With the upcoming launch of its second product and the Point of Care (POC) under development, it will be the only company in the world to cater to all the digital health needs of the Pathology Department—hematology, histopathology, and cytology."
