The company, PathAI, intends to use the funds for expansion purposes as well as to enhance its offerings, improve its platform, meet market demands and fuel research into new tools and devices.
PathAI, a Boston-based startup offering artificial intelligence-powered technology for the pathology space, has raised a $60 million Series B funding round, according to a news release. General Atlantic led the round, while General Catalyst and other existing investors also participated.
The company intends to use the money for expansion purposes as well as to enhance its offerings, improve its platform, meet market demands and fuel research into new tools and devices.
Simply put, PathAI has technology that helps pathologists make fast and accurate diagnoses for patients. Additionally, it’s creating solutions to pinpoint patients that would benefit from certain therapies.
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“Our goal has been clear since day one — a relentless drive to ensure patients get the right diagnosis and the most effective treatment,” PathAI co-founder and CEO Andy Beck 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.”
The Boston startup has partnerships with diagnostic laboratories and companies like Bristol-Myers Squibb and Novartis. According to its website, its investors include Refactor Capital, 8VC and KdT Ventures, among others. PathAI has grown its staff from 25 people to more than 60 in the past year.
Various other healthcare startups are also finding ways to integrate technology into the world of pathology.
Deep Lens, for instance, is a digital pathology startup based in Columbus, Ohio. It recently closed a $14 million Series A round of financing. Its flagship tool, VIPER (Virtual Imaging for Pathology Education and Research), is a cloud-based digital pathology platform that unites AI and advanced pathology workflows while also enabling peer-to-peer and pathologist-to-patient collaboration.
Additionally, an Israeli startup called Nucleai is leveraging artificial intelligence to help pathologists handle their workload. The Tel Aviv-based company’s AI-based system can be utilized in a few ways. One is by having it do a quality assurance check. For instance, a pathologist may analyze slides, create a report and run Nucleai’s algorithms to find any mistakes. Another way is by allowing Nucleai’s tool to create an initial report, then a pathologist can review it to ensure accuracy.
Source: Medcity News
