TL;DR:
- Ibex Medical Analytics raises $55 million in a series C funding round.
- 83North leads the funding round, with support from other investors.
- This funding more than doubles Ibex’s total fundraising to over $100 million.
- Ibex plans to use the funds for U.S. expansion and product portfolio growth.
- The Galen platform uses AI algorithms to enhance cancer diagnostics.
- Ibex’s AI solutions are already in use in select U.S. hospitals and have FDA attention.
- Ibex introduces Galen Breast HER2 for improved breast cancer diagnostics.
Main AI News:
In a strategic move echoing its namesake, the Ibex, a highland-dwelling creature renowned for its agility and precision, Ibex Medical Analytics is scaling new heights in funding. This infusion of capital is set to empower the tech innovator in its mission to broaden the horizons of artificial intelligence-powered cancer diagnostics. The Israeli startup recently celebrated the successful conclusion of its series C funding round, securing an impressive $55 million. Spearheaded by 83North, this round also garnered additional support from key players such as Sienna Venture Capital, Octopus Ventures, aMoon, Planven Entrepreneur Ventures, and Dell Technologies Capital.
This financing feat effectively doubles Ibex’s cumulative fundraising achievement since its inception in 2016. Following a substantial $38 million series B round in early 2021, a groundbreaking $11 million series A in 2019, and various supplementary contributions outside formal funding rounds, the series C brings the company’s lifetime financial backing to an illustrious milestone exceeding $100 million.
Joseph Mossel, Ibex’s astute CEO and co-founder, outlined the company’s strategic objectives in response to this significant financial injection. He stated in this week’s announcement, “We will be utilizing these funds to expand our presence across the United States, meeting the burgeoning demand for AI-powered diagnostic solutions. Simultaneously, we aim to accelerate the diversification of our product portfolio, equipping pathologists and laboratories with a comprehensive array of digital tools as they undergo transformative digitalization.“
At the heart of Ibex’s groundbreaking portfolio is the Galen platform, distinguished by its deep learning AI algorithms designed to scrutinize pathology slides meticulously. Its core mission is to identify early indications of cancer, empowering pathologists to enhance diagnostic precision while streamlining their workflows for greater efficiency.
Up to this point, the Galen platform’s innovative tools have received CE mark clearance in Europe, specifically for the detection of prostate, breast, and gastric cancers, in that order. The latest addition to Ibex’s repertoire, Galen Gastric, was introduced in 2021 and secured its CE mark approximately one year later. Like its predecessors, the Galen Gastric algorithm has undergone rigorous training, analyzing over 1 million biopsy slides to identify potential cancer indicators and other gastrointestinal issues.
While Ibex’s pioneering technology has yet to secure widespread approval for use in the United States, its AI solutions have already been adopted by select hospitals across the nation. Furthermore, it has captured the attention of the FDA, as the Galen platform was granted a breakthrough-device designation in mid-2021.
In parallel with developing new enhancements to the platform, Ibex is also dedicated to upgrading its existing diagnostic tools. Fresh off the heels of the remarkable $55 million funding round, the company unveiled the Galen Breast HER2 on Thursday. This new iteration of their breast cancer detection tool incorporates the evaluation of human epidermal growth factor receptor 2 (HER2) scoring alongside its tumor identification capabilities. Ibex’s AI algorithms will now seamlessly calculate HER2 immunohistochemistry scores, facilitating pathologists’ review and confirmation of results.
Conclusion:
Ibex’s successful $55 million funding round signifies strong investor confidence in its AI-powered cancer diagnostics technology. The company’s focus on U.S. expansion and product portfolio growth positions it to tap into the increasing demand for AI-driven diagnostic solutions, potentially reshaping the healthcare market by offering more precise and efficient cancer diagnostics.
