AI-powered cancer diagnostics听pioneer Ibex Medical Analytics听has听raised听$38 million听in a听Series B financing round.听
Ibex鈥檚 AI technology helps physicians and providers diagnose cancer with greater real-time accuracy by reducing error and misdiagnosis.听
Octopus Ventures and 83North听led the round, with additional participation from听aMoon,听Planven听Entrepreneur Ventures and Dell Technologies Capital, the corporate venture arm of Dell Technologies, bringing total funding of Ibex to $52m.听
Ibex transforms cancer diagnosis by harnessing unique artificial intelligence听and machine learning technology at an unprecedented scale. The company鈥檚 Galen platform supports physicians and providers to improve diagnostic accuracy and efficiency and enables development of new AI tools for precision medicine in oncology.听
Pathologists play a crucial role in the detection and diagnosis of disease, with their assessment being vital for correct treatment decisions in cancer care. However, a rise in cancer prevalence and advances in personalised medicine have resulted in growing diagnostic complexity that significantly increases pathologists鈥� workloads.听听
Coupled with a global shortage of pathologists, these increasing workloads lead to delays and concerns over diagnostic quality. This situation has underscored the need for new tools that enable pathologists to more efficiently and accurately view and analyse tissue samples.听
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Transforming patient care, health economics and the practice of pathology, Ibex鈥檚 solutions detect cancer in real-time, enabling 100% quality control, while also reducing turnaround times. Installed in labs worldwide as part of everyday clinical practice, Ibex鈥檚 Galen Prostate and Galen Breast solutions use strong-AI algorithms and routinely detect misdiagnosed and mis-graded cancers in digitised slides, guiding pathologists to areas of cancer in support of a prompt review. 听
Moreover, Ibex is collaborating with multiple partners on developing AI-markers for prognostic and predictive applications used in cancer management and drug development.听听
Ibex will use the investment to support a rapidly expanding customer base of clinical deployments in labs and health systems in North America and Europe and grow talent across R&D, clinical and commercial teams.
The investment will accelerate expansion of the Galen solution portfolio at Ibex, bringing new AI tools for more tissue types, including novel AI-based enhancements of the pathology workflow and oncology focused AI-markers.听
鈥淚bex is at the forefront of digital transformation in听pathology and we are committed to supporting our customers on their AI journey,鈥� said Joseph Mossel, Ibex CEO (pictured, left, with CTO Chaim Linhart). 听
鈥淨uality diagnosis is our top priority and a cornerstone of cancer care programs. I am proud of our team, demonstrating through clinical studies and, more importantly, in live clinical settings, that our AI is a game changer in eliminating misdiagnosis and ensuring real-time patient safety.听听
鈥�This investment will help us meet the growing demand for AI and digital pathology rollouts and develop AI-markers for a more targeted treatment of cancer.鈥�听
Will听Gibbs, early–stage health investor at Octopus Ventures, who will be joining the board听of the Israeli company听as part of this funding round, said:听鈥淭he Ibex team has successfully translated a rich collection of digital pathology data assets and deep learning technology into clinical-grade products that excel in studies and already deliver value to patients.听听
鈥�We look forward to partnering with the leadership team at Ibex as the company continues its journey to transform cancer diagnosis.听
鈥淭he Ibex platform has the potential to deliver meaningful changes to parts of the cancer pathway that听have听historically been neglected but are critical to improving outcomes for the most common cancer types, but this is quickly changing.鈥�听