SigTuple, an AI-based healthcare startup has raised 19 million i.e approximately Rs. 130 crores in a Series B round led by IDG Ventures and Accel Partners. The investment round also saw participation from pi Ventures, Flipkart’s executive chairman Binny Bansal, Endiya Partners, Axilor Ventures.
The Bengaluru-based company plans to use the funds in the expansion of assembly and distribution of AI100 along with research and development of new solutions that can boost its reach and market presence.
Rohit Kumar Pandey, chief executive 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.
SigTuple was founded in 2015 by Tathagato Rai Dastidar, Rohit Kumar Pandey and Apurv Anand which are all former American employees. The core product of the company is Manthana, an AI-based platform used to churn data to generate intelligence.
SigTuple competes directly with prominent players such as Visit, Innovaccer, Zoctr, Lybrate, and Tricog among others. Moreover, according to a report by Grand View Research Inc, global healthcare IT market is expected to reach $104.5 Bn by 2020.
In a booming healthcare industry which is the largest sector both in terms of revenue and employment as per IBEF, it will be interesting to see how SigTuple comes forward in expanding its presence and reach.