Sight Diagnostics is an Israel-based medical devices startup, which uses artificial intelligence to speed up the process of blood testing. In a recent development, this startup raised $27.8 million (approximately €25 million) in Series C funding round led by an Israeli VC firm Longliv Ventures along with a member of CK Hutchison Group, a multinational conglomerate.
It was founded in 2011 by Daniel Levner and Yossi Pollak. This Israeli medtech startup has built a desktop machine dubbed OLO, which analyzes cartridges that are manually loaded with drops of the patient’s blood.
Sight Diagnostics has stated that after the Series C investment, investors could contribute to its commercial and technological expansion. CK Hutchison Group includes over 14,500 health and beauty stores spread across Europe and Asia and provide a clear-to-market route for the OLO blood testing device of the startup.
Other investors in the funding round
The other strategic investors that are involved in the round include Jack Nicklaus II, which is a healthcare philanthropist and one of the board members of Nicklaus Children’s Health Care Foundation, an unnamed major medical equipment manufacturer and Steven Esrick, a healthcare impact investor.
Even its existing investors such as Go Capital, OurCrowd and New Alliance Capital have taken part in the Series C funding round.
Aims to reach major global markets
The medtech startup also notes that it is looking forward for additional strategic partners. These partners are meant to help the startup get its blood testing device to reach major markets across the world. The company expects that customers in many European countries will use OLO this year. In addition to launching its OLO device in global markets, the funds will be used to expand its R&D.
How it works?
The medtech startup’s OLO device offers a complete blood count (CBC). With machine learning and computer vision technology, it will digitise and analyse a high resolution photography of the finger prick to get the blood on the device.
Stay tuned to Silicon Canals for more updates in the tech startup world.
Also read,
Scaling up in Europe: 5 do’s and don’ts of doing business in the Netherlands