The firm said that a new R&D plant will enable it to develop non-core testing applications that allow it to enter new markets, such as veterinary diagnostics.
The firm is conducting clinical trials in preparation for applying for FDA clearance to market its POC instrument and first assay in the first quarter of next year.
The researchers said the test performed well in distinguishing patients with or without complications and proved itself better than frequently used clinical variables.
The firm said it anticipates launching the platform in Europe next year and completing its first round of external financing in the first quarter of 2020.
The mass spec test is designed to measure blood-based proteins to predict type 2 diabetes patients' risk of developing diabetic kidney disease.
The FDA cleared the system, comprising a blood collection device and associated test to measure long-term glucose levels in patients with diabetes.
Agilent has partnered with the National University of Singapore and National University Hospital to establish the S$38 million ($27.4 million) research and development facility in Singapore.
At constant exchange rates, diagnostics revenues were up 2 percent, primarily due to the immunodiagnostics business.
The test combines a genetic risk analysis with behavioral and lifestyle assessments, and uses Thermo Fisher Scientific's TaqMan OpenArray for genotyping.
Abbott said that its Afinion HbA1c assay used to diagnose diabetes could eventually be made available in physicians' offices through a CLIA waiver.