In a confirmation of its standing and potential in the blood diagnostics industry and its new flagship blood analysis product, Sight Diagnostics the company that developed and manufactured the first FDA-approved finger stick Complete Blood Count analyzer has raised $71 million dollars in its series D round of funding.
Sight Diagnostics has become a market leader by developing an exciting blood diagnostics device that cuts the time for getting results back while maintaining test accuracy. It offers an OLO analyzer that utilizes artificial intelligence (AI) to provide automation that identifies and counts different blood cell types and any anomalies detected. The advanced system delivers an accurate reading of a patient’s health by conducting lab-grade CBC results. In a substantial breakthrough, the device is able to do this in minutes rather than days, using just two drops of a patient’s blood.
How Will Sight Diagnostics Use the Funds
The funding will be utilized to support the expansion of Sight Diagnostic’s global commercial operations. The company will have a specific concentration on its most promising markets which are the UK and the US. Focus areas of the business will be research and development into the early detection of serious health conditions like sepsis and cancer, as well as the blood factors affecting the severity of many viral diseases.
The funding was based on the company’s previous success and prospects of more of the same. Sight Diagnostics has currently signed contracts with healthcare providers and pharmaceutical companies to deploy 1000+ analyzers within the next 12 months. The contracts are in the US and the UK and one is with pharmaceutical powerhouse Pfizer in the UK.
The Current State of Blood Diagnostics
One of the most common medical diagnostic tests is the blood test. Literally millions are performed around the world each week. We are all familiar with them and too many of us are terrified by them. They involve a nurse or doctor taking several vials worth of blood from a vein usually in your arm, Medical professionals conduct blood tests to check your general state of health and other specific health issues you might be suspected of having.
For instance, a blood test can be used to determine the health of vital organs including your liver or kidneys; doctors can screen for genetic conditions; tests can also check for an infection that might be affecting the blood. The blood draw will only take a few seconds and the tests and results will take several hours typically. Often blood tests are inaccurate for a number or reasons, usually because of errors by the medical staff or contamination of the blood sample. Additionally, although a few hours seem like a quick turnaround, in some cases, for example for an infectious disease that might show in the blood, a wait of several hours can mean a delayed diagnosis that can cause the patient harm. Speed and accuracy are major factors for a blood test.
The Benefits of the Sight Diagnostics OLO Analyzer
Sight Diagnostics has created a blood analyzing system that represents the leading edge of technology in optics, physics, sample preparation, and artificial intelligence-based computer vision algorithms. The result has been a huge advance in blood diagnostics that positioned them as one of the World’s Most Innovative Companies, by Fast Company.
Here are a few of the OLO Analyzers top benefits:
Ready to Use:
Sight OLO is perfectly suited for point of care settings. It comes factory calibrated for quick set-up and requires no maintenance or manual QC. Its minimal training and step-by-step on-screen guidance are designed to be used by operators with any level of experience.
The entire blood sample acquisition and analysis process can be done on sight. Sight OLO can be placed on any stable surface. It uses a disposable cartridge per test, eliminating the need for reagent procurement, storage, and liquid waste disposal. Both the analyzer and the test kit can be operated and stored at room temperature between 18 and 26 degrees Celsius.
Each blood sample test requires just 2 drops of blood from a finger prick or a venous sample. The sample preparation process can be completed in under one minute, with the full results ready in minutes on a touchscreen interface, printout, email, or via LIS/middleware.
Sight OLO provides 5-part CBC results with 19 parameters and sophisticated flagging capabilities at the point of care. It is the first CBC analyzer that is FDA cleared for both finger prick and venous sampling.
Sight OLO has been validated for patients aged 3 months and above in a variety of clinical settings such as oncology, pediatrics, and urgent care settings. The possibility of processing finger prick samples in a field hospital or in remote clinics makes Sight OLO perfectly accessible to the most delicate patients and situations.
Sight OLO has advanced what is possible in the blood analyzer industry and is being rewarded for its great work. The Series D funding nearly doubles the total amount of funding they have raised. With each new advance, the company proves that it is a market leader.