Israel's Sight Diagnostics, developer of a device that uses AI to analyze blood, said Wednesday it has secured $71 million in Series D funding.
The biotech startup said the capital will be used to expand R&D of its technology as well as to support expansion of its operations globally. Koch Disruptive Technologies, Longliv Ventures, and OurCrowd participated in the round. Sight Diagnostics has now raised $124 million from investors.
"This new investment will enable Sight to substantially expand our U.S. footprint and help usher in a new era of AI-driven diagnostics for a myriad of diseases and health conditions," said Sight Diagnostics CEO and co-founder Yossi Pollak in a statement. "We’re glad to have Koch, OurCrowd, and other esteemed investors join us on our journey to improve health systems and patient outcomes through fast, accurate, and less painful diagnostics."
The company developed the Sight OLO blood analyzer, which leverages AI and machine learning to process blood scans. Using cartridges manually loaded with just two drops of blood, the device generates over 1,000 high-resolution images and then runs algorithms that identify and count cell types. The analyzer provides a full blood count comparable to current lab tests within minutes, according to the company.
Sight Diagnostics received 510(k) clearance from the US Food and Drug Administration for the analyzer in late 2019, and also received a CE Mark registration from the European Union. Following the outbreak of the pandemic, Sight deployed the analyzer at Israel's Sheba Tel Hashomer medical center and other frontline healthcare facilities.
The Israeli company says it has secured agreements with pharmaceutical companies and health providers to deploy 1,000 analyzers over the coming year.
"We firmly believe that Sight’s method of using machine vision to analyze blood is a significant leap forward from the current alternative in healthcare," said Chase Koch, Managing Director of Koch Disruptive Technologies, in a statement. "Not only is the company bringing truly innovative solutions to the [complete blood count] industry, they are also driving a vision to decentralize information and increase consumer access in healthcare markets across the world."