December 18, 2019 08:00 AM Eastern Standard Time, New York
Paige, the leader in computational pathology transforming the diagnosis and treatment of cancer, today announced it has closed its Series B funding round of $45 million, bringing the Company’s total capital raised to over $70 million. Healthcare Venture Partners brought the largest contribution to the round, with Breyer Capital, Kenan Turnacioglu, and other funds participating. Paige will use this new capital to drive FDA clearance of its products and expand its portfolio, delving deeper into cancer pathology, novel biomarkers and prognostic capabilities. Additionally, the Company will accelerate commercial efforts in the U.S. and expansion in Europe, Brazil, and Canada.
“Paige exemplifies the benefits of digital pathology and represents the bright future of AI-driven medical diagnosis”
“This influx in funding reflects the acknowledgment and recognition that Paige’s technology is ready for prime time,” said Leo Grady, CEO at Paige. “We believe that AI will have a transformative impact on pathology and cancer care by improving pathology quality, throughput, costs and by enabling new biomarkers and diagnostics. We are committed to offering these powerful technologies to hospitals around the world, and helping biopharma more effectively treat their patients and bring new therapies to market faster.”
“The funding comes on the heels of a milestone year: Paige achieved the first FDA breakthrough designation for AI technology in Pathology and Oncology and later received the first CE mark in the space,” added Thomas Fuchs, Founder of Paige and a researcher at Memorial Sloan Kettering (MSK). The Company also grew its digital slide archive to more than 1.2M images and is developing systems to combine digital slides with genomic, drug response and outcome information to create powerful new diagnostic solutions.
Paige continues its mission to create and deliver advanced computational diagnostics for pathologists and oncologists, which have been shown to work effectively across different slide preparation methodologies and the scanners used to digitize the images. The Company plans to deliver the powerful technology via partnerships, such as the recently announced Philips deal and Paige’s own AI-native platform, which is designed to help doctors maximize the benefits of these solutions while addressing the infrastructure and interoperability hurdles encountered by many of the early adopters of digital pathology.
“Paige exemplifies the benefits of digital pathology and represents the bright future of AI-driven medical diagnosis,” said Jeff Lightcap of Healthcare Venture Partners. “As hospitals embark on digital transformations, they will face challenges associated with these transitions. We believe Paige addresses many of these issues by enhancing the ability of clinical teams and pathologists to collaborate. We’re confident in Paige’s future and believe they will continue to develop cutting-edge technologies that enable pathology departments to transform their practices, which have changed little in the last century.”
“We applaud Paige’s commitment to building clinical AI products that will improve the diagnostic process and patient care,” added Jim Breyer of Breyer Capital. “This is a critical time for Pathology, as pathologists are carrying a heavier workload than ever before. Paige understands their needs and the team has built cutting-edge technologies to address them. Paige represents the future of computational pathology and we look forward to their continued growth and success."
Paige was launched in early 2018 to bring technology created at Memorial Sloan Kettering to the world. MSK and Dr. Fuchs have financial interests related to Paige in the form of intellectual property rights and equity interests. The Company builds powerful, clinical-grade computational technologies to transform the diagnosis, treatment and biomarker discovery for cancer. With AI positioned to open a new future of pathology, Paige has created an AI-native digital pathology ecosystem that enables the Pathologist to achieve higher quality, faster throughput and lower cost diagnoses and treatment recommendations. Additionally, Paige accelerates new biomarker discovery, and is built to generate new insights into pathways and drug efficacy. Paige is committed to delivering the technology in a way that integrates seamlessly with hospital workflow systems and ensures safety, accuracy, and data privacy.
Businesswire Press Release: https://www.businesswire.com/news/home/20191218005150/en/Paige-Raises-45-Million-Accelerate-Future-Pathology