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Pangaea Data raises further funding for AI platform

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The investment will facilitate further development of Pangaea’s Intelligence Extractor

London-headquartered Pangaea Data has closed its second funding round within 12 months to accelerate the deployment of its AI platform.

The investment was led by deep tech VC firm IQ Capital, which is following on from the previous funding round alongside UK venture firm Hambro Perks. New investors in this round include Ascension Ventures and private investors from the pharmaceutical industry, including Sir Peter Job, Dr Jonathan Milner, John Taysom and Arthur Chen.

Pangaea’s Intelligence Extractor (PIE) is based on its proprietary unsupervised AI, which helps its customers in the biopharmaceutical and healthcare industry extract intelligence such as phenotypes (clinical characteristics and symptoms) from doctors’ notes, discharge summaries and other textual data.

This investment will be used to make strategic hires to the technical and commercial teams, increasing the capacity for client delivery and further expanding the company’s presence in the US.

It will also facilitate further development of the product for new use cases in the biopharmaceutical industry, such as extracting adverse events from social media, medical blogs and patient reported narratives for pharmacovigilance purposes.

CEO Vibhor Gupta said: “This latest round of investment is a great recognition of our customers’ success through our breakthrough AI and a product focused approach.

“With our existing investors reaffirming their support of the company and new investors with vast experience in the life sciences industry coming on board, we are on course to achieve our core mission of improving patient outcomes through a highly profitable and sustainable business model.

“In the past 12 months, the company has grown 15 times through the successful deployment of PIE in the biopharmaceutical industry, partnerships with healthcare data providers and significant contributions to peer review publications, which demonstrates that we are leading in this sector.

“This funding will accelerate this success by providing the resources to strengthen the team, explore new use cases, and expand into new markets.”

Ed Stacey, partner at IQ Capital, added: “The team at Pangaea Data have built on a foundation of academic research in the field of unsupervised AI and have demonstrated the value of its application in understanding and extracting actionable intelligence from patient data.

“There are countless use cases for this technology, which unlocks the patient data that was previously inaccessible without a vast amount of manual effort or less accurate approaches. This is an incredibly valuable proposition for the pharmaceutical industry and is already having an impact on patient outcomes.”

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