Yesterday PathAI, a Boston-based maker of artificial intelligence tools for pathology, closed a $60 million Series B funding round led by General Atlantic. Other existing investors, most notably General Catalyst, also participated in the round.
To monitor its investment, General Atlantic Managing Director Dr. Michelle Dipp will also be joining the AI company’s board of directors.
WHAT THEY DO
PathAI’s platform employs convolutional neural networks in its analysis of medical images. By doing so, the company’s product can help pathologists diagnose and sub-type cancer and other diseases. Additionally, the company’s technology can also be used to assist in new drug development by identifying patients who may be candidates for a novel therapy.
According to the funding announcement, the company has grown from 25 to 60 staff members within the past year and has enjoyed partnerships with pharmaceutical partners like Bristol-Myers Squibb and Novartis.
WHAT IT’S FOR
Along with pursuing new partnerships, PathAI said in its announcement that its new funding will build out its existing service offerings, further develop its pathology research platform and continue to develop new tools and medical devices.
MARKET SNAPSHOT
PathAI’s new funding comes just a couple weeks after word of Deep Lens’ $13.7 million fundraise for a similar digital pathology platform. Looking back a bit further, Proscia raised $8.3 million in September, while Paige.AI picked up $25 million just over a year ago.
On the other side of the Atlantic, the UK recently invested millions to set up five new AI digital pathology and imaging centers that are expected to become operational this year.
ON THE RECORD
“Our goal has been clear since day one — a relentless drive to ensure patients get the right diagnosis and the most effective treatment,” Dr. Andy Beck, CEO and cofounder of PathAI, said in a statement. “We’re looking forward to working with our partners to scale this effective approach across disease areas and around the world.”
