PathAI, the developer of an AI-based platform for pathology, has raised $60 million in Series B financing it says will help fuel continuing expansion efforts to help pathologists diagnose and sub-type cancer and other diseases quickly and accurately.
PathAI said proceeds from the financing will enable it to enhance its offerings to existing partners—which include pharma giants Bristol-Myers Squibb and Novartis.
PathAI also partners with Philips on deep learning applications in computational pathology designed to improve the precision and accuracy of routine diagnosis of cancer and other disease; and with the Bill and Melinda Gates Foundation on enhancing access to advanced diagnostic services at a sustainable cost for people in developing countries.
Proceeds will also help further improve its flagship research platform, and support R&D into new tools and medical devices, PathAI added.
In a series of announcements this year, PathAI has highlighted accomplishments it says reflect its tremendous growth and commitment to the future of digital pathology. Boston-based bath has seen its workforce more than double over the past year from 25 to 60 staffers.
Last month, PathAI received ISO 27001 certification for information security management systems. The company received certification of its quality management system for compliance with ISO 13485 and the FDA’s Medical Device Single Audit Program (MDSAP) for U.S. regulations in January.
“Our goal has been clear since day one—a relentless drive to ensure patients get the right diagnosis and the most effective treatment. We’re looking forward to working with our partners to scale this effective approach across disease areas and around the world,” PathAI co-founder and CEO Andy Beck, MD, PhD, said in a statement.
In addition to Beck and PathAI’s other co-founder and CTO Aditya Khosla, PhD, the company’s leadership includes Esther Abels as VP of Regulatory & Clinical Affairs and Strategic Business Development; Chief Business Officer Tiffany Freitas; and Chairman Jeffrey Leiden, MD, PhD, who is also Chairman, President and CEO of Vertex Pharmaceuticals.
“We think this is the team that has all the potential to bring these game-changing solutions to market,” said David Fialkow, Managing Director at General Catalyst, an existing investor in PathAI.
The global growth equity firm General Atlantic led the financing round, with what the company termed strong participation from General Catalyst and other existing investors. PathAI attracted $11 million in Series A financing in 2017.
PathAI has raised a total $75.2 million in financing since its founding in 2016, according to Crunchbase.
General Atlantic Managing Director Michelle Dipp, MD, PhD, will join PathAI’s board of directors, the company said.
“PathAI’s work could radically improve the accuracy and reproducibility of disease diagnosis and support the development of new medicines to treat those diseases,” Fialkow added. “The positive—and global—impact of getting this right cannot be overstated.