This morning the AI-enabled diagnostic and treatment platform Paige, formerly called Paige.AI, announced a $45 million Series B funding round. The latest raise was led by Healthcare Venture Partners with participation from Breyer Capital, Kenan Turnacioglu and other funders.
Today the company has $70 million in investments. This latest round comes roughly two years after the company closed a $25 million Series A funding.
WHAT THEY DO
The AI company focuses on the oncology space. Specifically, it uses computational and digital pathology to help oncologists and pathologists make decisions faster, more accurately and at a lower cost. Paige does this by relying on a large set of data and reducible algorithms. Founded in 2018, the company was born at Memorial Sloan Kettering. Currently the medical center has intellectual property rights and interests in the company.
In March the company was granted a Breakthrough Device designation by the FDA.
WHAT IT'S FOR
The company said the new cash will be put towards getting FDA clearance for its products and further development. The company is also looking to build up its commercialization in the US as well as expand to the European, Brazilian and Canadian markets.
Paige isn’t the only AI company working in the oncology space. Just this week Israeli startup Ibex Medical Analytics, maker of an AI-powered cancer diagnostic system, announced a new partnership with the KSM Research and Innovation Institute at Maccabi Healthcare Services. As part of the deal Ibex’s Second Read System for breast will be deployed at Maccabi's pathology institute.
Additionally, Kheiron Medical Technologies, a startup that aims to help radiologists detect breast cancer earlier by using deep learning, announced in September that it has closed a $22M Series A round.
ON THE RECORD
“Paige exemplifies the benefits of digital pathology and represents the bright future of AI-driven medical diagnosis,” Jeff Lightcap of Healthcare Venture Partners, said in a statement. “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.”