Paige, the Sloan-Kettering spinout that has been constructing an artificial intelligence platform to improve cancer pathology and consequently utilize those insights to establish much better drug treatments, has raised an extra$5 million in funding to continue its work commercialising its platform and broadening its research study reach, while also getting FDA clearance to release in hospitals in The United States and Canada and Europe. The round comes from Goldman Sachs, specifically its merchant banking division, and is an extension to the Series B of$45 million that Paige revealed in December 2019 led by Breyer Capital at an evaluation (per PitchBook) of about$ 208 million. Leo Grady, Paige’s CEO, said that the start-up has not been doing any COVID-19-related work– its focus is directly on cancer research at the minute– but he also stated that the recent health pandemic has shone a light on some of the drawbacks that existed in the medical world, a location that Paige is attending to in its work.
“We haven’t worked on COVID-19 associated research study specifically, but what we have seen is that CV19 has actually had a strong effect on the pathology neighborhood,” he stated. “It has highlighted that they are unable to work from another location. The innovation we have actually been developing supports the pathology neighborhood’s ability to work securely and from another location, and can even more accelerate their resolve using AI technology. Since pathologists’ inability to work remotely is ending up being more obvious, it is producing an urgency for going digital.”
The ongoing coronavirus pandemic has actually led to a big focus on the role that tech might play in addressing it and health crises in basic, with responses coming in the form of using more AI in research and improving telemedicine and other remote health monitoring options, through to more basic things like utilizing the financial resources and consumer reach of tech companies to get vital products and info to individuals who need them.
Paige falls usually into the very first of these classifications, and Grady said that the brand-new cash is particularly strategic, provided Goldman Sachs’ broader financial investment efforts in cancer research.
It has a really close relationship with the renowned cancer hospital and proving ground Memorial Sloan Kettering– which has implied it has had unique access to MSK’s 25 million pathology slides in addition to its intellectual property associated to the AI-based computational pathology, 2 crucial possessions considering that the slides represent among the most significant repositories of its kind on the planet, and artificial intelligence platforms are only as great as the data that’s fed into them. It recently also announced a deal with Invicro LLC, a subsidiary of Konica Minolta, to supply integrated pathology services for pharmaceutical and biotechnology sponsors running drug discovery and advancement efforts.
“Goldman Sachs acknowledges that we have a huge chance, not only with our clinical-grade AI however also with the platform, and viewer, which has the capability to enable pathologists to work from another location,” he stated, adding that although the startup is currently well-capitalized, “the objective with this brand-new increase of $5M is actually to supply an extra push with item development as pathologist’s need to work from another location continues to grow. Furthermore, the cancer networks Goldman Sachs have invested in and our ability to support those networks all over the world with our innovation, make this a fantastic working relationship.”
Grady said that because announcing the Series B, Paige has included several beta sites that have actually finished a number of research studies that will be publishing soon. “These beta studies truly form the basis for confirming the worth proposal that our innovation brings into the cancer and pathology workflow. This validation is instrumental in pressing the commercialization of our technology,” he said.
No strategies right now for another round, he added.
David Castelblanco, an MD at the investment bank, is joining the board with this round. “Paige is transforming pathology and translational research in the cancer field and is working carefully with biopharma business to develop custom diagnostic options and drug advancement innovations to improve patient care,” he said in a statement. “We anticipate supporting the Company’s crucial objective of improving cancer care through its AI innovation.”
“Paige’s leadership is doing a fantastic task in constructing an excellent team and seizing chances in this interesting market,” added Jim Breyer, founder and CEO of Breyer Capital, likewise in a statement.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.