Ibex Medical Analytics is combining artificial intelligence and cancer diagnostics to improve pathology. The Tel Aviv, Israel-based company has raised $38 million in a Series B-round to accelerate the adoption of the Galen platform, its AI-powered cancer diagnostic solution.
The financing round was led by Octopus Ventures and 83North, with additional participation from aMoon, Planven Entrepreneur Ventures, and Dell Technologies Capital, the corporate venture arm of Dell Technologies.
Ibex has now raised $52 million since it was formed in 2016.
Ibex said it will use proceeds from the series B round to support an expanding customer base of clinical deployments in labs and health systems in North America and Europe and grow talent across R&D, clinical and commercial teams. The firm said the investment will also accelerate the expansion of the Galen solution portfolio at Ibex, bringing new AI tools for more tissue types, including novel AI-based enhancements of the pathology workflow and oncology-focused AI-markers.
"Ibex is at the forefront of digital transformation in pathology and we are committed to supporting our customers on their AI journey," said Joseph Mossel, Ibex CEO and Co-founder. "Quality diagnosis is our top priority and a cornerstone of cancer care programs. I am proud of our team, demonstrating through clinical studies and, more importantly, in live clinical settings, that our AI is a game-changer in eliminating misdiagnosis and ensuring real-time patient safety. This investment will help us meet the growing demand for AI and digital pathology rollouts and develop AI-markers for a more targeted treatment of cancer."
AI is playing a tremendous role in cancer diagnostics. About three-years-ago, Philadelphia, PA-based Proscia builds software and has a platform for imaging workflow management that allows a pathologist in the lab to take digitized images of the glass slides the tissue biopsy sites on and move these images through workflows.
The company uses its computational AI-based applications to find patterns in the imaging and transform that information into something meaningful for the pathologist. To that end, the company raised $8.3 million in a series A round for its AI-based software.
About a year ago, the company announced a collaboration with the University of California, San Francisco (UCSF). Proscia would be able to use UCSF’s lab to validate the clinical effectiveness of computational pathology applications for several high-impact pathology subspecialties.
The pact with UCSF builds on several of Proscia’s ongoing agreements, which include a data collaboration with Johns Hopkins School of Medicine and an AI validation study in pathology conducted along with the Dermatopathology Laboratory of Central States, University of Florida, and Thomas Jefferson University Hospital.