July 13, 2020 08:00 AM Eastern Daylight Time, New York
Paige, a global leader in computational pathology, today announced it received an additional $15M from Goldman Sachs Merchant Banking Division, totaling $20M from the firm. The funding will be added to previously announced Series B financing, bringing the total round to $70M, including an additional investment from Healthcare Venture Partners of $5M on top of their previous $10M investment. The funding brings the Company’s total capital raised to over $95M. Paige will use this new capital to further accelerate its global leadership position in transforming pathology workflows in the field of cancer, while working closely with biopharma companies to create custom diagnostic and clinical trial solutions to improve patient care.
“We have been very impressed with the Company and its pace of development. We are excited to increase our commitment to support Leo, Thomas and the Paige team’s transformative work with artificial intelligence and machine learning in the cancer field”
“We appreciate the continued recognition and support we’ve received from Goldman Sachs as we gain traction and prove early results in the clinical and biopharma space,” said Leo Grady, Ph.D., CEO of Paige. “This new funding will help ensure that the Paige Platform and our advanced computational pathology products will drive the next generation of pathology and improve cancer care globally.”
A recent company milestone for Paige include naming David Castelblanco, Managing Director at Goldman Sachs, as a new member to Paige’s Board of Directors.
“We have been very impressed with the Company and its pace of development. We are excited to increase our commitment to support Leo, Thomas and the Paige team’s transformative work with artificial intelligence and machine learning in the cancer field,” said David Castelblanco.
Paige also released multiple ASCO and Modern Pathology publications showing the value of the Paige offering. Recently, Paige was also recognized by Frost and Sullivan’s 2020 Enabling Technology Leadership Award in the North American AI-based digital pathology industry.
“We initially invested in Paige recognizing the potential of their products to add significant value to the industry and impact the future of cancer care,” said Jeffrey C. Lightcap, Senior Managing Director of Healthcare Venture Partners. “After seeing Paige make tremendous progress in such a short period, we added to our investment to further accelerate their growth.”
ABOUT GOLDMAN SACHS MERCHANT BANKING
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, growth equity, infrastructure, private debt, and real estate.
Paige was founded in 2017 by Thomas Fuchs, Dr.Sc., and colleagues from Memorial Sloan Kettering Cancer Center. The Company builds computational pathology products designed so patients and their care teams can make faster, more informed treatment decisions. With this new class of diagnostic devices positioned to drive the future of pathology, Paige created a platform to deliver this novel technology to pathologists to transform their workflow and increase diagnostic confidence and productivity. Paige’s lightweight platform was purpose-built with pathologists to offer an intuitive user experience, minimize IT burden and costs while ensuring patient safety and data privacy. Our products deliver insights to pathologists so they can arrive at accurate, more precise diagnoses for patients efficiently. Paige is the first and only company to receive FDA breakthrough designation for computational pathology products.
Businesswire Press Release: https://www.businesswire.com/news/home/20200713005143/en/Paige-Secures-Additional-15M-Goldman-Sachs-Total