Ibex Medical Analytics, an Israel-based startup using artificial intelligence to support cancer diagnostics, has unveiled a $38 million Series B funding round. Octopus Ventures and 83North led the raise, which also saw participation from aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital.

WHAT IT DOES

Ibex's Galen platform uses AI and machine learning to reduce the burden on pathologists as they review biopsies.

So far limited to prostate and breast offerings, the technology reviews digitized slides prior to human review to highlight areas that warrant additional focus, or in parallel to highlight discrepancies of high clinical significance. The former is pitched as a means to improve pathologists' efficiency, while the latter acts as a safety net to reduce error rates.

To date, Ibex has now raised $52 million since its founding in 2016. In addition to its products, the company said that it is also collaborating with external partners to develop AI markers for applications that can be used in cancer management and drug development.

WHAT IT'S FOR

Ibex said in the announcement that the new funds will help expand its clinical deployments across North America and Europe. It will also support new hires within the company's R&D, clinical and commercial teams, and allow the company to build offerings for additional tissue types.

"Quality diagnosis is our top priority and a cornerstone of cancer care programs," Joseph Mossel, CEO and cofounder of Ibex, said in a statement. "I am proud of our team, demonstrating through clinical studies and, more importantly, in live clinical settings, that our AI is a game changer in eliminating misdiagnosis and ensuring real-time patient safety. This investment will help us meet the growing demand for AI and digital pathology rollouts and develop AI-markers for a more targeted treatment of cancer." 

MARKET SNAPSHOT

Since the FDA delivered its first regulatory clearances to AI clinical decision support tools a few years back, a number of companies have brought these technologies to the North American provider market.

The products are scattered across a range of clinical areas, with a focus on imaging reviews, and come from names including – but hardly limited to – fellow Israeli AI analysis startups like Aidoc and Zebra Medical Vision, London-based Kheiron Medical Technologies and New York-based Paige (which recently added on to an already-impressive Series C funding round).