A multi-million dollar deal has been struck to develop AI tools for pathologists.
The increase in cancer rates has placed an extra burden on pathologists who play a critical role in the detection and diagnosis of the disease.
Pathologists have been using AI tools which helps them view and analyse tissue samples quicker and more accurately.
Ibex Medical Analytics has announced a $38 million investment into the Galen platform which helps support clinicians improve diagnostic accuracy and efficiency.
Ibex’s Galen Prostate and Galen Breast solutions use strong-AI algorithms and detect misdiagnosed and mis-graded cancers in digitised slides, guiding pathologists to areas of cancer in support of a prompt review.
It is collaborating with partners on developing AI-markers for prognostic and predictive applications used in cancer management and drug development.
The investment will accelerate expansion of the Galen solution portfolio at Ibex, bringing new AI tools for more tissue types, including 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 of Ibex.
“Quality diagnosis is our top priority and a cornerstone of cancer care programmes. 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.”
“The Ibex team has successfully translated a rich collection of digital pathology data assets and deep learning technology into clinical-grade products that excel in studies and already deliver value to patients.
“We look forward to partnering with the leadership team at Ibex as the company continues its journey to transform cancer diagnosis,” said Will Gibbs, a health investor at Octopus Ventures.
“The Ibex platform has the potential to deliver meaningful changes to parts of the cancer pathway that have historically been neglected but are critical to improving outcomes for the most common cancer types, but this is quickly changing.”
“We continue to be impressed with Ibex’s progress since the previous investment round, making a meaningful impact on cancer diagnosis globally,” said Gil Goren, general partner at 83North and an Ibex board member.
“In a relatively short amount of time, Ibex has proven its utility to users, making AI a key driver in their decision to go digital. We are proud of the company’s achievements and look forward to the next phase in the company’s continued growth.”
The Series B financing round was led by Octopus Ventures and 83North, along with support from aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital, the corporate venture arm of Dell Technologies, bringing total funding of Ibex to $52 million.