Boston-based PathAI, maker of artificial intelligence tools for pathology, has capped off its Series B funding round with a $15 million strategic investment from the Merck Global Health Innovation Fund and Bristol-Myers Squibb. This raise brings the startup’s full round to $75 million, and its total funding to just over $90 million.
WHAT THEY DO
PathAI’s platform employs convolutional neural networks in its analysis of medical images. This allows the company’s product to help pathologists diagnose and sub-type cancer and other diseases. Further, PathAI’s technology can be used to assist in new drug development by identifying patients who may be candidates for a novel therapy.
Back in April, the company highlighted its growth from a team of 25 to 60 over the course of the previous year.
WHAT IT’S FOR
PathAI said in the announcement that the additional funds will help the company push its clinical development capabilities. It will also cement the AI company’s relationship with Merck and BMS as they develop new cancer therapies with PathAI’s technology.
“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,” Dr. Andy Beck, PathAI cofounder and CEO, said 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.”
MARKET SNAPSHOT
Earlier this year Deep Lens, another digital pathology startup based in Columbus, Ohio, closed a $13.7 million Series A headed by Northpond Ventures. Further back, Proscia raised $8.3 million in September 2018, while Paige.AI brought in $25 million in February of that year and received breakthrough device designation just over half a year ago.
ON THE RECORD
“Artificial intelligence is an increasingly important tool in healthcare research and development, and we’ve seen the quality of PathAI’s work first-hand,” Dr. Saurabh Saha, global head of translational medicine at Bristol-Myers Squibb, said in a statement. “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.”
