Biotech AI startup Sight Diagnostics gets $27.8M to speed up blood tests

TechCrunch | 2/14/2019 | Staff
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Sight Diagnostics, an Israeli medical devices startup that’s using AI technology to speed up blood testing, has closed a $27.8 million Series C funding round.

The company has built a desktop machine, called OLO, that analyzes cartridges manually loaded with drops of the patient’s blood — performing blood counts in situ.

Funding - VC - Firm - Longliv - Ventures

The new funding is led by VC firm Longliv Ventures, also based in Israel, and a member of the multinational conglomerate CK Hutchison Group.

Sight Diagnostics said it was after strategic investment for the Series C — specifically investors that could contribute to its technological and commercial expansion. And on that front CK Hutchison Group’s portfolio includes more than 14,500 health and beauty stores across Europe and Asia, providing a clear go-to-market route for the company’s OLO blood testing device.

Investors - Round - Jack - Nicklaus - II

Other strategic investors in the round include Jack Nicklaus II, a healthcare philanthropist and board member of the Nicklaus Children’s Health Care Foundation; Steven Esrick, a healthcare impact investor; and a “major medical equipment manufacturer” — which they’re not naming.

Sight Diagnostics also notes that it’s seeking additional strategic partners who can help it get its device to “major markets throughout the world”.

Statement - Yossi - Pollak - Co-founder - CEO

Commenting in a statement, Yossi Pollak, co-founder and CEO, said: “We sought out groups and individuals who genuinely believe in our mission to improve health for everyone with next-generation diagnostics, and most importantly, who can add significant value beyond financial support. We are already seeing positive traction across Europe and seeking additional strategic partners who can help us deploy OLO to major markets throughout the world.”

The company says it expects that customers across “multiple countries in Europe” will have deployed OLO in actual use this year.

Investors - OurCrowd - Go - Capital - New

Existing investors OurCrowd, Go Capital, and New Alliance Capital also participated in the Series C. The medtech startup, which was founded back in 2011, has raised more...
(Excerpt) Read more at: TechCrunch
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