- PathAI announced that it has closed $75 million in Series B funding with the addition of strategic investments from the Merck Global Health Innovation Fund and Bristol-Myers Squibb
Boston-based PathAI — a leader in AI-powered technology for advancing pathology research — announced that it raised a strategic investment round from the Merck Global Health Innovation Fund (Merck GHIF) and Bristol-Myers Squibb. These investments complete PathAI’s Series B funding round.
What does PathAI do? PathAI’s platform promises substantial improvements to the accuracy of diagnosis and the efficacy of treatment of diseases like cancer and it leverages modern approaches in machine and deep learning.
With this funding round, PathAI will bolster and accelerate its growing clinical development capabilities. And the investment serves to deepen PathAI’s relationship with these two companies in the development of cancer therapies.
“We have been fortunate to have the opportunity to work with both of these great companies, and we’re excited about the confidence they’ve shown in PathAI,” said PathAI co-founder and Chief Executive Officer Andrew Beck M.D., Ph.D. “Merck, BMS, and other strategic partners understand that having the best possible insight into the data is incredibly important for driving continued advancements in the rapidly moving field of immuno-oncology, ultimately helping to bring new and better treatments to patients faster.”
This investment follows and extends PathAI’s Series B investment — which was announced in April and was led by General Atlantic and General Catalyst with strategic participation from LabCorp.
“We are pleased to join the latest PathAI investment round,” added David Rubin, Ph.D., Managing Director of Merck GHIF. “Their industry-leading work incorporating artificial intelligence into digital pathology holds the potential to change the way we diagnose and treat cancer.”
Including this round of funding, PathAI has raised a total of $90 million since it was founded in 2016.
“Artificial intelligence is an increasingly important tool in healthcare research and development, and we’ve seen the quality of PathAI’s work first-hand,” explained Saurabh Saha, M.D., Ph.D., Global Head of Translational Medicine at Bristol-Myers Squibb. “We are excited to take this next step in our partnership with PathAI and to work together to deliver continued scientific and therapeutic advancements for patients.”