Paige.ai, developer of an AI-powered clinical decision support systems for pathologists, clinicians, and researchers, closed a $45 million Series B funding round, bringing its total to over $70 million.
Healthcare Venture Partners led the round with participation from Breyer Capital and Kenan Turnacioglu.
The company will use these new funds to develop its product portfolio and accelerate commercial efforts in the United States and expansion in Brazil, Canada, and Europe.
“This influx in funding reflects the acknowledgment and recognition that Paige’s technology is ready for prime time,” said Leo Grady, CEO at Paige in a press release. “We believe that AI will have a transformative impact on pathology and cancer care by improving pathology quality, throughput, costs and by enabling new biomarkers and diagnostics. We are committed to offering these powerful technologies to hospitals around the world, and helping biopharma more effectively treat their patients and bring new therapies to market faster.”
Paige.ai integrates machine learning and clinical-grade computational pathology with electronic health records, genomics, and other clinical data to help oncologists and clinicians make faster, more informed diagnostic and treatment decisions.
Clinical decision support companies raised $2.6 billion in VC funding since 2010, according to Mercom data.
“Paige exemplifies the benefits of digital pathology and represents the bright future of AI-driven medical diagnosis,” said Jeff Lightcap of Healthcare Venture Partners in a press release. “As hospitals embark on digital transformations, they will face challenges associated with these transitions. We believe Paige addresses many of these issues by enhancing the ability of clinical teams and pathologists to collaborate. We’re confident in Paige’s future and believe they will continue to develop cutting-edge technologies that enable pathology departments to transform their practices, which have changed little in the last century.”
Similar technologies that received funding include:
Contextual Genomics, a provider of cloud-based genetic testing tools that facilitate personalized medicine and targeted treatment options for cancer patients, raised $9.5 million.
Deep Lens, the developer of an AI-enabled digital pathology platform that enables pathologists to diagnose cancer patients more swiftly and accurately, raised $3.2 million.
Kheiron Medical Technologies, a developer of AI-enabled breast screening software that supports radiologists to detect early signs of breast cancer using deep learning, raised $22 million.