Ibex Medical Analytics Raises $38 Million for Cancer Diagnostics Platform

Ibex Medical Analytics, which develops AI-powered clinical-grade solutions that help pathologists detect and grade cancer in biopsies, announced a $38 million Series B financing round.

Octopus Ventures and 83North led the funding round with additional participation from aMoon, Planven Entrepreneur Ventures, and Dell Technologies Capital, the corporate venture arm of Dell Technologies.

Including the latest funding round, Ibex has raised $52 million since its inception in 2016 as part of the Kamet Ventures incubator.

Ibex plans to use the latest funds to support expanding customer base of clinical deployments in labs and health systems in North America and Europe and grow talent across R&D, clinical and commercial teams. The investment will also accelerate the expansion of its Galen platform. According to the company statement, the platform supports physicians and providers in improving diagnostic accuracy and efficiency and enables the development of new AI tools for precision medicine in oncology.

The company’s solutions are used in labs as part of everyday clinical practice. The company’s flagship products, Galen Prostate and Galen Breast solutions use AI algorithms to detect misdiagnosed routinely and misguided cancers in digitized slides, guiding pathologists to cancer areas in support of a prompt review.

Ibex is collaborating with multiple partners on developing AI-markers for prognostic and predictive applications used in cancer management and drug development, the company said in a statement.

Joseph Mossel, Ibex CEO and Co-founder said: “Quality diagnosis is our top priority and a cornerstone of cancer care programs. I am proud of our team, demonstrating through clinical studies and, more importantly, in live clinical settings that our AI is a game-changer in eliminating misdiagnosis and ensuring real-time patient safety. This investment will help us meet the growing demand for AI and digital pathology rollouts and develop AI-markers for more targeted treatment of cancer.”

Clinical Decision Support raised $1.2 billion VC funding in 2020, a 55% increase in funding, compared to $748 million raised in 2019. Recently, Tempus, an AI-powered precision medicine company, announced an additional $200 million in the G-2 financing round at a post-money valuation of $8.1 billion. Tempus has raised over $800 million to date, including a $100 million in Series G financing round at a post-money valuation of $5 billion.