April 29, 2019 Intelligence: Late Breaking Lab News

Investor interest in digital pathology (DP) and the use of artificial intelligence (AI) to analyze digital pathology images seems to be at a fever pitch recently. In the last three weeks, investors poured almost $85 million of capital into just three digital pathology companies, as noted below. This activity may be a sign that certain DP and AI companies may be close to a product that can obtain FDA clearance for use by pathologists in patient care. The three recipient companies have products and systems that can be used to digitize and analyze pathology images, and identify cancer patients at the time of diagnosis for enrollment in clinical trials.

PATHAI RAISES $60 MILLION

On April 17, Boston-based PathAI announced it closed a series B funding of $60 million. Private equity investors were General Atlantic and General Catalyst. Pathologist, Founder and CEO Andrew H. Beck, MD, PhD, stated these funds would be used to enhance PathAI’s existing offerings, improve its platform, and fund ongoing research into new tools and devices. PathAI was founded in 2015 and “supplies AI-powered research tools and services for digitizing and analyzing pathology images.”

$14 MILLION GOES TO DEEP LENS

Just two days earlier on April 15, Deep Lens of Columbus, Ohio, stated that it had completed a series A financing round that totaled $14 million. Lead investor Northpond Ventures. Existing investors Rev1 Ventures, Sierra Ventures, and Tamarind-Hill Partners also participated in the round. Deep Lens has made VIPER, its primary product, “available free-of-charge to pathology groups worldwide, as we work to identify patients at the time of diagnosis for available clinical trials,” said T.J. Bowen, PhD, Co-Founder and Chief Science Officer.

ISRAEL-BASED IBEX GETS $11 MILLION

In a press release issued on March 26, Ibex Medical Analytics of Tel Aviv-Yafo, Israel, announced the closing of a series A funding round that totaled $11 million. Investors included: aMoon Fund, Kamet Ventures, 83North, and Dell Technologies Capital. The company’s website says it has an “AI-driven diagnostic system which delivers efficient, metric-driven and accurate cancer diagnoses for tissue biopsies. It combines AI, data science, image analysis, and deep-learning technologies, and applies them to cancer diagnostics in digital pathology.”

That’s all the insider intelligence for this report.
Look for the next briefing on Monday, May 20, 2019.

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