Computational Pathology Company Paige Raises $45 Million

By Dan Anderson ● Dec 19, 2019
  • Paige, a leader in computational pathology transforming the diagnosis and treatment of cancer, announced it raised $45 million

Paige — a leader in computational pathology transforming the diagnosis and treatment of cancer — announced it has raised $45 million in Series B funding led by Healthcare Venture Partners. Including this round of funding, the company has raised over $70 million.

Breyer Capital, Kenan Turnacioglu, and several other funds participated in this round. And Paige will use this new capital to drive FDA clearance of its products and expand its portfolio thus delving deeper into cancer pathology, novel biomarkers, and prognostic capabilities. And Paige will accelerate commercial efforts in the U.S. and expansion in Europe, Brazil, and Canada.

“This influx in funding reflects the acknowledgment and recognition that Paige’s technology is ready for prime time,” said Paige CEO Leo Grady. “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.”

Paige also grew its digital slide archive to more than 1.2 million images and is developing systems to combine digital slides with genomic, drug response, and outcome information to create powerful new diagnostic solutions.

“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 Paige.AI founder and CSO Thomas Fuchs.

Going forward, 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.

“Paige exemplifies the benefits of digital pathology and represents the bright future of AI-driven medical diagnosis,” added 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.”

Paige plans to deliver the powerful technology via partnerships such as the recently announced Philips deal and Paige’s own AI-native platform, 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.

“We applaud Paige’s commitment to building clinical AI products that will improve the diagnostic process and patient care,” explained 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.”