Led by 83North, This Round of Financing Brings Total Funding to Over $100 Million
Ibex Medical Analytics (Ibex), the leader in AI-powered cancer diagnostics, today announced it has closed a $55 million Series C financing round led by 83North. Additional participants in the round were Sienna Venture Capital and existing investors in the company, Octopus Ventures, aMoon, Planven Entrepreneur Ventures, and Dell Technologies Capital. The financing brings total funding to over $100 million since Ibex’s inception in 2016.
Ibex is transforming cancer diagnostics with AI-powered solutions that help pathologists improve the quality of diagnosis and support laboratories with enhanced efficiency and better turnaround times. Cancer incidence is rising around the world while its diagnosis becomes more complex and nuanced, causing heavy workloads for pathologists and laboratories. The increasing demand is compounded by a global shortage of pathologists who still rely heavily on manual work and solely on visual analysis of biopsies. Ibex’s Galen platform helps overcome these challenges with AI-powered workflows and decision-support tools that pathologists use in their everyday practice.
“Ibex is leading the market in live customer deployments as we remain steadfast in our mission of providing every patient with a timely, accurate, and personalized cancer diagnosis,” said Joseph Mossel, Co-Founder and CEO at Ibex. “This latest financing round will enable us to take major steps toward reaching our goal. We will be using the funds to expand our footprint in the United States to meet the increasing demand for AI-powered diagnostic solutions and to accelerate the growth of our product portfolio to create more tools for pathologists and labs as they digitally transform their practices. This financing round highlights our strong commercial momentum and our tenacity in pursuing the opportunities that lie ahead.”
Ibex’s Galen platform is the most widely deployed AI technology in pathology and has been deployed in laboratories and pathology departments around the world. Ibex achieved several significant milestones recently, including the live deployment of Galen at the University of Pittsburgh Medical Center (UPMC), the completion of the national rollout throughout Wales, and collaboration with AstraZeneca and Daiichi Sankyo for the development of an AI-powered biomarker scoring product for breast cancer. Galen provides health systems and diagnostic laboratories with an integrated solution for cancer diagnosis and biomarker scoring, capable of detecting more the 100 different cancer and non-cancer pathologies while offering enhanced interoperability with scanning systems, image management solutions, and lab information systems. Ibex was recently showcased in a KLAS Research report which provided consistently favorable feedback from global customers.
“Our continued investment in Ibex is a testament to the company’s progress in recent years, bringing its unparalleled technology to laboratories, hospitals, and digital pathology networks worldwide, catapulting the industry into an AI-powered era,” added Gil Goren, Partner at 83North and Board Director at Ibex. “Ibex’s successful deployments demonstrate its responsiveness to market and customer needs, while its product portfolio continues to grow and meet new market demands. We are eager to see Ibex forge the way with new uses of AI in cancer diagnosis, supporting providers as they work to improve patient care and outcomes.”
About Ibex Medical Analytics
Ibex Medical Analytics (Ibex) is transforming cancer diagnostics with world-leading, clinical-grade AI-powered solutions, empowering physicians to provide accurate, timely, and personalized cancer diagnosis for every patient. Our Galen™ suite of solutions is the first and most widely deployed AI technology in pathology and is used as part of everyday routine, supporting pathologists and providers worldwide in improving the quality and accuracy of diagnosis, implementing comprehensive quality control, reducing turnaround times, and boosting productivity with more efficient workflows. Ibex’s Artificial Intelligence technology is built on Deep Learning algorithms trained by a team of pathologists, data scientists, and software engineers. For additional company information, please visit ibex-ai.com and follow us on LinkedIn and Twitter.
The Galen™ platform includes certain solutions that are CE-marked and registered with the UK MHRA. The solutions are for Research Use Only (RUO) in the United States and are not cleared by the FDA. For more information, including indication for use and regulatory approval in other countries, contact Ibex Medical Analytics.
Originally announced September 6th, 2023
