PathAI, a Boston-based company that developed artificial intelligence-powered technology for pathology, announced it raised $60 million in Series B funding. This round of funding was led by new investor General Atlantic. General Catalyst also participated in this round along with existing investors.
PathAI has a goal of offering faster, safer, and more powerful solutions for the diagnosis and sub-typing of diseases like cancer. With this new round of funding, it will fuel PathAI’s continued expansion as the company is seeking to advance the medical discipline of pathology. In conjunction with this round, General Atlantic Managing Director Dr. Michelle Dipp is joining PathAI’s board of directors.
And PathAI is also planning to use the funding to enhance offerings to existing partners, drive continuous improvement of its flagship pathology research platform, meet market demands, and fueling R&D into new tools and medical devices.
“Our goal has been clear since day one – a relentless drive to ensure patients get the right diagnosis and the most effective treatment. We’re looking forward to working with our partners to scale this effective approach across disease areas and around the world,” said PathAI co-founder and CEO Dr. Andrew Beck. “The global network and deep expertise in technology and life sciences brought by General Atlantic, alongside the continued support of existing investors like General Catalyst, can only enhance our ability to effect change toward this major, impactful objective.”
PathAI’s growing partnerships with global pharmaceutical companies like Bristol-Myers Squibb and Novartis seek to accelerate drug development in life-saving therapeutics. And the company’s partnerships with leading diagnostic laboratories aim aim to support pathologists to bring faster and more predictive diagnostics to patients.
“PathAI is a clear leader in the emerging digital pathology industry that is being disrupted by technology and machine learning,” added Dr. Dipp. “As we remain committed to supporting the next generation of life sciences companies, we’re thrilled to partner with PathAI, which seeks to address critical problems by bringing cutting edge storage, viewing, and AI-enabled analytics to help pathologists make fast, accurate, and consistent diagnoses.
This round of funding comes as PathAI secured critical certifications in quality management and information security systems. In the past year, PathAI’s staff grew from 25 to more than 60 people.
“PathAI’s work could radically improve the accuracy and reproducibility of disease diagnosis and support the development of new medicines to treat those diseases,” added General Catalyst managing director David Fialkow. “GC is honored to once again back founders, Andy Beck and Aditya Khosla, Chief Business Officer Tiffany Freitas, Chairman Jeff Leiden, and the entire PathAI team. The positive – and global – impact of getting this right cannot be overstated. We think this is the team that has all the potential to bring these game-changing solutions to market.”