SpectraLIT™ – an instant COVID-19 testing platform enters Indian Market

MediCircle Health Pvt. Ltd., an AI-powered diagnostics company, is introducing the SpectraLIT™ – Spectral Instant Test in India, which is the world’s fastest COVID-19 test delivering results in just one second.

SpectraLIT™ is a portable spectrophotometry-based testing platform that is powered by machine learning and artificial intelligence to detect COVID-19 by using an individual’s nasal or mouthwash sample.  This eliminates the need for complex lab equipment and chemicals by providing immediate results using the spectral signature of the virus. The AI algorithm enables SpectraLIT™ to distinguish between an infected person and a healthy person. Additionally, the algorithm can be adjusted to detect different variants of the SARS-CoV-2 coronavirus.

SpectraLIT™ is developed by Newsight Imaging which specializes in developing advanced machine vision chip sensors in collaboration with the reputed Sheba Medical Center’s ARC Innovation Center in Israel. The technology is licensed to Hong Kong-based AI Innobio for the Asia Pacific region. MediCircle Health Pvt. Ltd. has an exclusive tie-up with AI InnoBio to launch the test in India.

Extensive studies performed in Israel have shown a concordance to RT-PCR of close to 95% and a validation study in India showed concordance (sensitivity) of 93.5% to PCR. As the data set of Spectral signatures increases, the AI algorithm will continuously improve to give even more accurate results. The ultimate goal of this revolutionary testing platform is to help India safely reopen and stay open.

Eventually, SpectraLIT™ will be able to test for diseases other than COVID-19. The platform will grow and innovations will allow it to detect other infectious diseases such as Influenza, Tuberculosis, Malaria, Dengue, and UTIs, as well as non-communicable diseases such as sickle cell disease.

How does it work?

When the human body is infected by the virus that causes COVID-19 (SARS-CoV-2), the body starts producing chemicals in response to the infection, including proteins and peptides present in the secretions in the nose, mouth, and pharynx. When a sample from the patient is inserted into the device, a spectra is generated. SpectraLIT™ performs instant spectral analysis and it can accurately as well as instantly determine if the spectral pattern matches that of the COVID-19 sample. All that SpectraLIT™ requires is a computer, an internet connection, a plastic cuvette, and saline water. It eliminates the use of any reagents or chemicals. The kit also empowers frequent scalable testing.

Global Recognition:

SpectraLIT™ has received the European Union CE-IVD mark of authorization for use in the diagnosis of COVID-19, which is recognized and accepted in India by ICMR. It has been launched in 7 countries and has been approved by ICTS, the European airport security giant to offer a quick COVID-19 screening process at European airports. It has also been tested in 36 hospitals across North and Latin AmericaAsia PacificEurope, and the Middle East. SpectraLIT™ is currently undergoing FDA approvals in the United States.

Key Features

  • Rapid/Instant Testing: SpectraLIT™ delivers results within seconds of its use. SpectraLIT™ is the fastest test for COVID-19 in the world and is CE-IVD certified.
  • Point of Care: SpectraLIT™ is portable and can be operated with minimal training. This makes it easy for clinics and communities including in rural areas to conduct testing.
  • Mass Testing: SpectraLIT™ can uniquely enable instant and accurate mass screening which makes it the ideal scalable solution for entry screening to airports, malls, schools, offices, sports stadiums, temples, and events.
  • Real-Time Reporting: SpectraLIT™ is digitally connected, so all results are relayed securely to designated authorities such as the ICMR, central and state public health departments, doctors, employers, and patients. This ensures that public health authorities get real-time data, and can respond immediately. Additionally, this feature will enable authorities to detect Covid-19 Hotspots early and help in containing outbreaks.
  • Accuracy: SpectraLIT™ has been validated in Israel with a concordance to RT-PCR close to 95% and in India with a concordance (sensitivity) of 93.2% compared to RT-PCR. As SpectraLIT™ is powered by AI, its accuracy will only improve with a larger database.
  • Convenient and Non-Invasive Sample Collection: SpectraLIT™ supports conventional swab collection as well as an innovative non-invasive mouth gargle. This makes testing convenient and comfortable.

Dr. Rajit ShahPartner, MediCircle Health Pvt. Ltd., elaborated on its technical capabilities, “SpectraLIT™ is a platform that can detect COVID-19 in seconds. It enables instant, accurate, and scalable COVID-19 testing. It is unique in that it provides results within seconds. Since the test is internet-powered, the results are shared with designated parties such as ICMR, patients, and employers in real-time. SpectraLIT™ can help India reopen safely and keep businesses, offices, industries, restaurants, sports, and travel safe from COVID-19. SpectraLIT™ has a learning algorithm that enables it to become even more accurate with time. In the future additional models for other infectious disease will be added, as well as modules for some non-communicable diseases. R&D is underway to combine SpectraLIT™ with reagents to detect a number of diseases instantly and accurately.”

Mr. Pranav KohliPartner, MediCircle Health Pvt. Ltd., said, “We at MediCircle Health Pvt. Ltd. are proud of our association with AI INNOBIO, and Newsight Imaging. With this association, we will be in a unique position to help India fight against COVID-19 and its various strains. Our objective is to play our part in the larger adaptation of the WHO t3 initiative which is to test, treat, and track. COVID-19 has changed every aspect of our lives; it has changed how we shop, dine, play, and watch sports, and drastically changed the landscape of the travel industry. A few months ago when we experienced a COVID-19 crisis at home, we understood the importance of a fast testing kit and how it can drastically uplift the current situation. With SpectraLIT™India will be able to test accurately and rapidly – not within days, not within hours, not within minutes but within seconds. India will fight back with SpectraLIT™.”

Current Situation:

India has reported over 4 Lakh positive COVID-19 cases in a single day through the second wave. Only under 10 % of the population has been completely vaccinated and less than 25% has received the first dose. With warnings of an imminent third wave and new and more concerning variants, it is imperative for India to deploy a rapid testing kit like SpectraLIT™ to reopen and stay safe. SpectraLIT™ can be mass deployed in major cities like MumbaiPuneDelhiBangaloreKolkata, Ahmedabad, and in rural hotspots as well. Detecting the spread of infection in real-time is the first step to containing it. This will also help ease both domestic and international travel restrictions and help bring back people safely to their work environments.


Nordic Capital to sell Itiviti, a leading trading technology and service provider , to Broadridge, a global Fintech leader


Nordic Capital has agreed to sell Itiviti, a leading provider of trading technology and services to financial institutions worldwide, to Broadridge Financial Solutions a global Fintech leader, in a transaction valued at EUR 2.143 billion. Since Nordic Capital took Itiviti private in 2012, it has made substantial technology investments and fully transformed the Company to create one of the world’s leading providers of trading technology for the global capital markets industry.

Since assuming majority ownership of the Company, Nordic Capital has supported Itiviti by drawing on its experience and twenty-year track record of building and investing in cutting-edge technology businesses across Europe. During Nordic Capital’s ownership, Itiviti has developed from being a specialist financial software provider to becoming a global leader offering a modern cross-asset capital markets platform. This transformation was achieved through many years of significant technology investments, a carefully crafted technology acquisitions strategy and dedicated focus on setting up R&D capabilities and an organisational framework to meet future capital market needs. Today, Itiviti is fast-growing and has a leading global position with more than 2,000 customers world-wide, over EUR 200 mn in revenues and c. 1,000 employees.

“Itiviti’s cutting-edge trading technology enables customers world-wide to improve workflow in the capital markets. The Company has experienced a journey of growth and transformation during Nordic Capital’s ownership. With the combination of Itiviti and Ullink, Nordic Capital created a world leading technology and infrastructure provider that is ideally positioned to take advantage of increased complexity and regulations in the financial services industry. We are immensely proud of the Itiviti team and would like to thank them for their dedication and exceptional work. It’s now time for the Company to take the next step forward together with Broadridge, capitalising on next-generation technology platform and achieving even further growth and expansion”, said Fredrik Näslund, Partner, Nordic Capital Advisors.

“Under Nordic Capital’s ownership, Itiviti has grown to become a global force in the capital markets industry. As owners, they have been instrumental in supporting us during this development in the spirit of a true partnership and fully focused on seizing the opportunities available to Itiviti. With Broadridge as the new owner, we will be able to take the next natural step in our development and together provide even better technologies to meet our clients’ future demands”, said Rob Mackay, CEO Itiviti. 

“The acquisition of Itiviti enhances Broadridge’s position as a global Fintech leader, expands our Capital Markets franchise and drives additional global scale by increasing our footprint in APAC and EMEA and our ability to serve global clients,” said Tim Gokey, Broadridge’s Chief Executive Officer. “Itiviti is highly complementary to Broadridge’s industry-leading post-trade product suite and other capital markets capabilities and this combination is expected to drive significant value to clients and shareholders”.

Technology and Payments is one of Nordic Capital’s focus sectors where it has extensive experience, a strong and active sector network, and a dedicated team within Nordic Capital Advisors across Northern Europe. As one of Europe’s leading tech investors, Nordic Capital has invested EUR 3.8 billion in 19 tech and payment companies since 2004. It has achieved repeatable success in this sector and developed thriving companies as evidenced by the performance of investments such as Bambora, Trustly, Cint, Siteimprove and Signicat. The sale of Itiviti comes just a few months after Nordic Capital announced the successful listings of portfolio companies Nordnet AB (publ), a pan-Nordic savings platform and Cint Group AB (publ), a global software leader in digital insights gathering, on Nasdaq Stockholm.

The transaction is subject to customary closing conditions and regulatory approval and is expected to close in the second quarter of 2021.

Credit Suisse and Morgan Stanley acted as financial advisors, Dechert as legal advisor, PwC as finance advisor and Oliver Wyman as commercial advisor to Nordic Capital.