Sight Diagnostics, an Israeli startup developing a machine-vision-based finger-prick analysis device, announced today $71 million in Series D funding. Koch Disruptive Technologies, Longliv Ventures and OurCrowd all participated in the round.
According to the company, this newest raise brings its lifetime funding to more than $124 million.
WHAT IT DOES
Founded in 2011, Sight Diagnostics offers an FDA 510(k)-cleared complete blood count analyzer for use by frontline healthcare workers. Using artificial intelligence, the device measures 19 different parameters from a fingerstick or venous sample and returns results within minutes.
The company envisions its platform playing a role in the early detection of conditions such as sepsis and cancer, and is being investigated for potential use in monitoring biomarkers tied to COVID-19 severity. It also said that it has secured contractual agreements to deploy more than 1,000 of the devices in the coming years, and is working with "large pharmaceutical companies, including Pfizer" to support the product's use.
WHAT IT'S FOR
Sight said it plans to push into new regions and fuel R&D efforts so that its platform can be employed for additional diseases.
“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,” Yossi Pollak, CEO and cofounder of Sight Diagnostics, said in a statement. “We’re glad to have Koch Disruptive Technologies, OurCrowd and other esteemed investors join us on our mission to improve health systems and patient outcomes through developing fast, accurate and less painful diagnostics.”
A recent report predicts the global point-of-care diagnostic market will hit roughly $28 billion by 2026 with a CAGR of 6.6%. It cited advancing tech and the rising awareness of point-of-care diagnostics as key drivers of that growth.
Sight's approach of AI-based blood diagnostics runs parallel to that of 1Drop Diagnostics. This startup, which raised $4.25 million in late 2018, measures biomarkers from a single drop of blood and delivers a response within roughly 15 minutes via its phone-friendly digital interface.
ON THE RECORD
“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,” Chase Koch, president of Koch Disruptive Technologies, said in a statement. “Not only is the company bringing truly innovative solutions to the blood diagnostics industry, it is also driving a vision to decentralize information and increase consumer access in healthcare markets across the world.”