The Israeli cancer diagnostics company Ibex Medical Analytics has raised US$10m in funding to enable new tissue diagnostics and automated biomarker quantification using AI.
Galen, an AI technology in pathology developed by Ibex, is used in routine clinical use in laboratories, hospitals and health systems and aims to support pathologists during the review of breast, prostate and gastric biopsies.
Ibex will use the funding to accelerate R&D initiatives, focusing on adding new applications to the Galen platform to enable new tissue diagnostics and automated biomarker quantification, and enhancing collaboration with digital pathology providers.
Additionally, it will use the resources to strengthen and expand its US team and support new customer deployments.
The company says Galen demonstrated outstanding outcomes in multiple pathology labs and diagnostic workflows, improving the quality of cancer diagnosis, reducing turnaround time, boosting productivity, and improving user experience for pathologists.
“The recent milestones we have accomplished demonstrate our continued commitment to providing every patient with an accurate, timely and personalised cancer diagnosis powered by our AI technology,” said Joseph Mossel, CEO and co-founder of Ibex.
“This latest funding from Kreos Capital validates our prominence in the market and will further fuel our growth in line with our commercial successes, strong product road-map and ability to execute across multiple markets.”
The funding comes as an addition to Ibex’s $52 million funding to date, with investors including Octopus Ventures, 83North, aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital.
Aris Constantinides, general partner of Kreos Capital said: “We are proud to be able to support the Ibex team in their endeavours to transform cancer diagnosis with AI.
“Ibex’s commercial success in the digital pathology and AI market, their growing installed base and ability to drive adoption with customers and the significant strides the company has made, position Ibex as leaders in a growing healthcare technology segment.”
The announcement follows an expansion of the Israeli company after signing several contracts, including an expansion of its AI deployment at Medipath and another expansion at a pan-European diagnostics provider.
