Ibex Medical Analytics, an AI-powered medical diagnostics company, has secured $55 million in a Series C round led by 83North.
The round was joined by Sienna Venture Capital and existing investors in the company, Octopus Ventures, aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital.
Since its inception in 2016, Ibex has raised a total of over $100 million. In 2021, the Israeli company raised $38 million in Series B funding.
Joseph Mossel, Co-Founder and CEO of Ibex, said that the company will use the funds to expand its footprint in the U.S. and grow its product portfolio to create more AI tools for pathologists.
Ibex offers AI-powered workflows and decision support tools for pathologists via its Galen platform.
These tools include prostate, breast, and gastric cancer detection tools powered by AI. These include case prioritization worklist, slide viewer, IHC preordering, cancer heatmaps, grading, measurements, non-cancer findings, and AI-driven reporting.
Ibex said its artificial intelligence technology is built on Deep Learning algorithms trained by a team of pathologists, data scientists and software engineers. Per a Forbes report, the company claims that these algorithms replicate the functions of a pathologist and are capable of accurately detecting cancer in tissue biopsies.
In addition, Ibex’s AI diagnostic solutions are trained on data sourced from its partner, Maccabi Healthcare Services. The Israeli healthcare provider possesses one of the most extensive digitized clinical datasets globally, featuring millions of pathology slides and fully digitized pathology reports in its archives.
The company asserts that its Galen platform has been deployed in laboratories and pathology departments around the world. Last December, the company announced a live deployment of Galen Prostate by the University of Pittsburgh Medical Center (UPMC)
In January, Ibex collaborated with AstraZeneca and Daiichi Sankyo to develop an AI-powered biomarker-scoring product for breast cancer. Recently, the Betsi Cadwaladr University Health Board in Wales started piloting the use of Galen for breast cancer diagnosis.
“Our continued investment in Ibex is a testament to the company’s progress in recent years, bringing its unparalleled technology to laboratories, hospitals and digital pathology networks worldwide, catapulting the industry into an AI-powered era,” Gil Goren, Partner at 83North and Board Director of Ibex, said in a statement. “We are eager to see Ibex forge the way with new uses of AI in cancer diagnosis, supporting providers as they work to improve patient care and outcomes.”
Source: mPost
