Computational pathology platform Paige scored an additional $5 million from Goldman Sachs this week, closing its Series B funding at $50 million – exactly double its Series A funding amount.
As part of the news, Paige announced that David Castelblanco, managing director at Goldman Sachs, will be joining its board of directors.
In December, the company announced its initial $45 million round that was led by Healthcare Venture Partners with participation from Breyer Capital, Kenan Turnacioglu and other individual founders. With this new infusion of cash, the company boasts more than $75 million in overall investments.
WHAT THEY DO
The company uses artificial intelligence to help oncologists and pathologists make faster decisions about how to care for cancer patients. It pitches its tech as a way to cut down on costs and make treatment plans more accurate.
The company got its start in 2018 at Memorial Sloan Kettering, which continues to have a claim on its intellectual property rights and interest.
WHAT IT’S FOR
The company plans to put the new money towards growing its diagnostic and testing products.
“We’re thrilled to be working with David Castelblanco and the team at Goldman Sachs as we build our platform and further develop our computational pathology infrastructure,” Leo Grady, CEO at Paige, said in a statement. “With our new funding and leadership additions, we'll focus on building network effects based on our clinical-grade digital pathology and AI platform.
A competitor in the AI powered pathology space is PathAI, which scored $60 million in its Series B round last April. Another in the space is Deep Lens which scored $13.65 million in a Series A round, also in April of 2019.
In the cancer-specific space, 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 concerns will be deployed at Maccabi's pathology institute.
ON THE RECORD
“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,” Castelblanco, said in a statement. “We look forward to supporting the Company’s important mission of improving cancer care through its AI technology.”