Paige, A computational pathology startup spun out of Memorial Sloan Kettering, raised $100 million in a sequence C funding spherical. The New York-based firm is creating medical choice help instruments for pathologists, and plans to make use of the funds to additional advance its know-how.
Paige was began in 2018 by Dr. Thomas Fuchs, who spun out the corporate from analysis at Memorial Sloan Kettering Most cancers Heart. The startup had a analysis settlement to obtain de-identified photos of digitized pathology slides, which it’s utilizing to make AI instruments throughout a number of most cancers subtypes, and the Memorial Sloan Kettering holds an equity stake in the company.
Earlier this 12 months, Paige acquired 510(okay) clearance from the Meals and Drug Administration for a digital pathology picture viewer. It additionally received a Breakthrough Device designation from the FDA for an AI device for most cancers prognosis.
None of Paige’s medical choice help instruments are but cleared for use for diagnostics within the U.S. However in Europe, it has two CE-marked options to detect areas of suspected prostate most cancers or breast most cancers.
With the brand new funds, Paige plans to double its headcount, with roughly 70 new staff throughout its engineering and business groups.
“This funding reaffirms the huge potential of the Paige platform for medical and biopharmaceutical drug improvement purposes,” Paige CEO Leo Grady mentioned in a information launch. “These funds will allow us to construct further AI-based merchandise inside and out of doors of oncology, ship these merchandise to laboratories and clinicians globally, and put money into our expertise throughout engineering and business features.”
Picture credit score: Abscent84, Getty Photos