Pathology Tech Startup Path AI Gains $75 Million
PathAI, which specializes in artificial intelligence-powered tech for pathology research, announced the closure of its latest funding round.
Merck Global Health Innovation Fund and Bristol-Myers Squibb both provided strategic investments in PathAI’s Series B investment round. It is actually the second part of this current round, in which General Atlantic, General Catalyst and LabCorp both invested in April 2019. This latest round brings PathAI’s total investment haul to $90 million.
“We have been fortunate to have the opportunity to work with both of these great companies, and we’re excited about the confidence they’ve shown in PathAI,” said Andy Beck M.D., PH. D., co-founder and CEO of PathAI in a statement. “Merck, BMS and other strategic partners understand that having the best possible insight into the data is incredibly important for driving continued advancements in the rapidly moving field of immuno-oncology, ultimately helping to bring new and better treatments to patients faster.”
“We are pleased to join the latest PathAI investment round,” added David M. Rubin, Ph.D., Managing Director of Merck GHIF. “Their industry-leading work incorporating artificial intelligence into digital pathology, holds the potential to change the way we diagnose and treat cancer.”
PathAI’s platform promises improvements in the diagnosis accuracy of cancer and other diseases, as well as the effectiveness of treatment programs, using deep learning and machine learning.
“Artificial intelligence is an increasingly important tool in healthcare research and development, and we’ve seen the quality of PathAI’s work first-hand,” said Saurabh Saha, M.D., Ph.D., Global Head of Translational Medicine at Bristol-Myers Squibb. “We are excited to take this next step in our partnership with PathAI and to work together to deliver continued scientific and therapeutic advancements for patients.”
PathAI will use the completed funding to bolster and accelerate its growing clinical development capabilities.