Ibex Medical Analytics – a leader in AI-powered cancer diagnostics – recently announced it has closed a $55 million Series C financing round led by 83North. And additional participants in the round were Sienna Venture Capital and existing investors in the company, Octopus Ventures, aMoon, Planven Entrepreneur Ventures, and Dell Technologies Capital. The round brings total funding to over $100 million since Ibex’s inception in 2016.
Ibex is transforming cancer diagnostics utilizing AI-powered solutions that help pathologists improve the quality of diagnosis and support laboratories with enhanced efficiency and better turnaround times. And cancer incidence is rising worldwide while its diagnosis becomes more complex and nuanced, causing heavy workloads for pathologists and laboratories. The increasing demand has been compounded by a global shortage of pathologists who still rely heavily on manual work and solely on visual analysis of biopsies. Ibex’s Galen platform also helps overcome these challenges with AI-powered workflows and decision-support tools that pathologists use daily.
Ibex’s Galen platform is the most widely deployed AI technology in pathology and was deployed in laboratories and pathology departments worldwide. And Ibex achieved several significant milestones recently, including the live deployment of Galen at the University of Pittsburgh Medical Center (UPMC), the completion of a national rollout throughout Wales, and collaboration with AstraZeneca and Daiichi Sankyo for the development of an AI-powered biomarker scoring product for breast cancer. Plus, Galen provides health systems and diagnostic laboratories with an integrated solution for cancer diagnosis and biomarker scoring, capable of detecting over 100 cancer and non-cancer pathologies while offering enhanced interoperability with scanning systems, image management solutions, and lab information systems. Ibex was also recently showcased in a KLAS Research report, which provided consistently favorable feedback from global customers.
KEY QUOTES:
“Ibex is leading the market in live customer deployments as we remain steadfast in our mission of providing every patient with a timely, accurate and personalized cancer diagnosis. This latest financing round will enable us to take major steps toward reaching our goal. We will be using the funds to expand our footprint in the United States to meet the increasing demand for AI-powered diagnostic solutions, and to accelerate the growth of our product portfolio to create more tools for pathologists and labs as they digitally transform their practices. This financing round highlights our strong commercial momentum and our tenacity in pursuing the opportunities that lie ahead.”
— Joseph Mossel, Co-Founder and CEO of Ibex
“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. Ibex’s successful deployments demonstrate its responsiveness to market and customer needs, while its product portfolio continues to grow and meet new market demands. 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.”
— Gil Goren, Partner at 83North and Board Director of Ibex
