Bengaluru-based diagnostic company SigTuple announced it has raised USD 16 million in its Series C round of funding led by Trusted Insight. Existing investors such as Accel Partners, Chiratae Ventures, Pi Ventures and Flipkart co-founder Binny Bansal also participated in the round.
Binny Bansal will join the SigTuple board as part of the agreement.
“SigTuple transcends the space of tech-enabled healthcare. It is creating the technology ground up for making healthcare affordable and accessible," Bansal said.
According to the Mint report, SigTuple is also looking to raise debt money. In June 2018, it raised USD 19 million in Series B round from Accel Partners and Chiratae Ventures, along with its existing investors.
Founded by Rohit Kumar Pandey, Tathagato Rai Dastidar and Apurv Anand, four-year-old SigTuple develops hardware as well as software products to digitise pathology results for hospitals and clinics. It uses Artificial Intelligence to develop such products.
Its flagship AI enabled product, Manthana can process visual medical data and make recommendations based on the diagnosis. By the end of the quarter, it will enable urine as well as semen analysis.
“We are looking to pioneer a new fabric for diagnostics, which will not only enable us to provide better customer experience, but will also power our vision to improve the healthcare services through data-driven intelligence," said Pandey, CEO, SigTuple. “The diagnostic data intelligence has untapped potential to influence other industries to maximize the benefits to customers."
Its competitor mFine also uses AI to read visual data and diagnose patients on the app itself. Mfine connects patients with doctors on the app where its AI-enabled chat-bot comprehends patient data, including test results, etc. and in few cases gives diagnosis recommendations. Later, patients can talk to the doctor over video chat and get a detailed diagnosis. It claims to reduce the time that doctors take in treating patients, thus enabling doctors to see more patients.
Launched in 2017, by former Myntra executives Prasad Kompalli, Ashutosh Lawania and Ajit Narayanan mFine is backed by Prime Venture Partners and Stellaris Ventures. According to an ET report, the company is looking to raise further USD 17 million from SBI Ven Capital.
“Making healthcare available to all in India using technology is a large opportunity, and there is strong interest in the market to back such startups if there is some demonstrated proof of concept,” said a person aware of the deal.
Its other competitors include Lybrate, Practo, DocsApp and Medimetry.