Iterative Scopes, an AI-powered precision medicine software for endoscopic images, closed a $30 million Series A financing round.
The round was led by new investor Obvious Ventures, with Eli Lilly, Johnson & Johnson Innovation – JJDC, the venture capital firms Breyer Capital and Seae Ventures, and several leaders in healthcare, including Lee Shapiro Zach Weinberg, and Nat Turner.
Nan Li, Managing Director at Obvious Ventures, will also join Iterative Scope’s board of directors as part of the financing. “The current standard of care in gastroenterology involves highly subjective patient diagnosis, stratification, and triage,” he noted. “Iterative Scopes has developed world-class AI capabilities to accelerate the industry towards drastically improved clinical decision-making and ultimately precision medicine. Obvious is thrilled to partner with this incredible company on their journey to realize this vision,” said Li.
The latest round of financing follows a $13.5 million Seed round in January 2020. Including the latest funding round, Iterative Scopes has raised approximately $50 million to date. The company is expected to use the new funds to develop its core algorithmic innovations and advance its growing life sciences businesses.
Iterative Scopes, founded in 2017, is building a set of proprietary artificial intelligence (AI)-driven computational tools to identify appropriate treatments and guide clinical trials for patients suffering from gastrointestinal diseases.
“Our vision is to transform gastroenterology by augmenting the physician’s decision making through the integration of computer vision algorithms into the everyday clinical workflow. These technologies also have the potential for biopharmaceutical companies to solve some of the most vexing challenges of GI clinical trials. We believe that the most successful healthcare technologies will be able to connect the dots between patient, provider, payer, and pharma, and we are excited to be at the very forefront of this movement in gastroenterology,” said Jonathan Ng, CEO, and founder of Iterative Scopes.
Clinical Decision Support companies raised $1.1 billion in venture funding in the first half (1H) of 2021, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report. Etiometry, a clinical decision-support software for the intensive care environment, announced a $9 million Series A-3 extension raise.