The new funds will help the company develop diagnostic and test products for the biopharma industry, expand its research reach, and accelerate international expansion in North America and Europe.
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.
Goldman Sachs Merchant Banking Division led the financing round and is an extension to the $45 million Series B round that Paige announced in December 2019 led by Healthcare Venture Partners with participation from Breyer Capital and Kenan Turnacioglu.
As part of the investment, David Castelblanco, Managing Director at Goldman Sachs, will join the company’s board.
“Paige is transforming pathology and translational research in the cancer field and is working closely with biopharma companies to create custom diagnostic solutions and drug development technologies to improve patient care,” said David Castelblanco. “We look forward to supporting the company’s important mission of improving cancer care through its AI technology.”
Since 2011, Goldman Sachs has invested over $1 billion in digital health companies, focused on mHealth apps, telemedicine, and clinical decision support tools, according to Mercom funding data. Last year, the firm invested $40 million in LeanTaaS, a healthcare predictive analytics company that specializes in improving healthcare operations.
Paige.ai, founded in 2018, has raised over $75 million to date, including a $25 million in Series A funding from Jim Breyer, the founder, and chief executive officer of Breyer Capital.
Earlier this year, Concerto HealthAI, an AI-enabled precision oncology platform, raised $150 million in Series B financing led by Declaration Partners with participation from Maverick Ventures, AllianceBernstein PCI, and SymphonyAI Group.
Fourteen clinical decision support companies secured $446 million, in Q1 2020, according to Mercom’s latest funding report.