Israeli AI-powered cancer diagnostics company Ibex Medical Analytics today announced it had completed a $38 million Series B financing round led by Octopus Ventures and 83North, with participation from aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital. This brings to $52 million the amount raised by Ibex since it was founded in 2016 by CEO Joseph Mossel and CTO Chaim Linhart in the Kamet Ventures incubator.
Mossel said, "Ibex is at the forefront of digital transformation in pathology and we are committed to supporting our customers on their AI journey. Quality 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. 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."
Ibex transforms cancer diagnosis by harnessing artificial intelligence (AI) and machine learning technology. The company's Galen platform supports physicians and providers to improve diagnostic accuracy and efficiency, and enables development of new AI tools for precision medicine in oncology.
Ibex's 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's Galen Prostate and Galen Breast solutions use strong-AI algorithms and routinely detect misdiagnosed and mis-graded cancers in digitized slides, guiding pathologists to areas of cancer in support of a prompt review. Ibex is also collaborating with multiple partners on developing AI-markers for prognostic and predictive applications used in cancer management and drug development.
Ibex will use the latest 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.
Published by Globes, Israel business news - en.globes.co.il - on March 9, 2021
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