Ibex Medical raises $55 million Series C for AI-powered cancer diagnostics
Ibex Medical raises $55 million Series C for AI-powered cancer diagnostics
The Israeli startup’s platform provides health systems and diagnostic laboratories with an integrated solution for cancer diagnosis and biomarker scoring, capable of detecting more than 100 different cancer and non-cancer pathologies
Ibex Medical Analytics (Ibex), which develops AI-powered cancer diagnostics, announced on Wednesday that 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 employs around 80 people, 60 of them in Israel.
According to the company, 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 has achieved several significant milestones recently, including live deployment of Galen at University of Pittsburgh Medical Center (UPMC), the completion of national roll out 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 than 100 different cancer and non-cancer pathologies while offering enhanced interoperability with scanning systems, image management solutions and lab information systems.
“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, CEO of Ibex, who founded the company with CTO Chaim Linhart. “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.”
