PathAI, a provider of AI-powered clinical decision support tools for pathology laboratories, announced the closing of its $165 million Series C financing round.
The financing round was co-led by D1 Capital Partners and Kaiser Permanente. Additional investors included General Atlantic, Tiger Global Management, 8VC, Adage, Biospring Partners, General Catalyst, KdT Ventures, Polaris Partners, Refactor Capital, and strategic partners Bristol-Myers Squibb Company, LabCorp, and Merck Global Health Innovation Fund (GHI).
PathAI plans to deploy new capital to accelerate its product development while prioritizing patient outcomes with AI-powered technology and meaningful collaboration with pharmaceutical and diagnostic partners.
PathAI develops an AI-powered technology for pathology. The technology is designed to improve the accuracy of diagnosis and treat diseases like cancer, leveraging modern machine and deep learning approaches. The company works with life sciences companies and researchers to advance precision medicine.
Including the latest funding round, PathAI has raised over $260 million to date. With new funds, the company will also develop a broad menu of AI-based pathology offerings for biopharma into disease indications beyond oncology and NASH while developing a workflow platform for CROs and reference lab partners.
PathAI co-founder and Chief Technology Officer – Aditya Khosla said, “These new funds will enable new platform and product investments as we continue to scale our integrated technology platform for building solutions to support drug development and diagnostics.”
Clinical Decision Support software companies raised $661 million in 15 venture capital (VC) funding rounds in Q1 2021, compared to $505 million in 12 funding rounds in Q4 2020, a 31% increase in quarter-over-quarter funding activity, according to the latest Mercom Digital Health Funding and M&A Report. Recently, Paige, a provider of computational pathology for diagnosing and treating cancer, raised $100 million in a Series C financing round.