Israeli diagnostics firm Sight Diagnostics had received clearance from the US Food and Drug Administration (FDA) for its Olo blood analyser, which can process results for a complete blood test in approximately ten minutes.

The test can process results with two drops of blood taken from either the finger or the veins. It calculates red blood cells, white blood cells and platelets in a blood sample.

Sight Diagnostics chief technical officer Sarah Levy was quoted by Reuters as saying: “This could be a big change because at the moment a traditional analyser can be placed in laboratories that run thousands of tests every week.”

A complete blood count (CBC) test not only provides a snapshot of a patient’s health but can also be used to identify leukaemia.

Approval from the FDA is expected to cut costs at laboratories with lower blood volumes.

Conventional CBC tests use flow cytometry technology, which requires personnel for maintenance of the device. Furthermore, the standard procedure takes up to a day to process results.

Digitising blood samples into images, the device uses algorithms to interpret and process results in minutes.

Following approval, Sight, which also has a device for identifying malaria, is expected to compete with Quest Diagnostics and Laboratory Corp of America Holdings, a significant player in the diagnostics market, reported the news agency.

Outside the US, the Israeli startup sells its device in private and public hospitals, pharmacies and outpatient clinics across Asia, Europe, South America, Australia and Africa.

In February, Sight raised almost $28m in a Series C funding round. With this round, it raised a total of $50m.