Israeli computational pathology company Ibex Medical Analytics has completed an $11 million Series A financing round led by aMoon Fund. Additional investors in the round include Kamet Ventures, an investment arm of AXA Insurance, one of the largest global health insurance providers, 83North, a global venture capital fund and Dell Technologies Capital. Funds will be used to broaden the company's solutions and global presence, including expansion of the type of tissues and applications supported.
Based in Tel Aviv, the company is pioneering developer of AI-driven computational pathology cancer diagnosis system.
Ibex's lead product is the second read system for prostate core needle biopsies diagnosis, which has been clinically deployed at Maccabi Healthcare Services and will also soon be commercially deployed internationally in pathology labs, establishing Ibex as a first-mover in the emerging computational pathology space.
Ibex cofounder and CEO Joseph Mossel said, "Many cancer cases are diagnosed too late or are missed due to human error. We have already witnessed the life-saving impact that our platform has delivered to Maccabi patients. With this new funding, we plan to expand our engineering team in order to extend our product offering to additional types of cancer. This will empower pathology institutes to significantly improve their efficiency and accuracy, thereby saving the lives of more patients."
Through its strategic collaboration with Maccabi Healthcare Services, Ibex has access to a unique dataset with millions of pathology slides and electronic medical records of 2.5 million patients, enabling it to develop breakthrough algorithms at unprecedented accuracy levels. This is in addition to collaborations with leading institutes and international hospitals, including Pittsburgh-based UPMC, a world-renowned health care provider, and MediPath, the largest private pathology lab in France.
aMoon managing director Roy Wiesner said, "Digital and Computational Pathology are set to grow at an exponential pace and transform the world of pathology. Together with our fellow investors, we believe the exceptional team, validated technology, unique access to large datasets and the strong international collaborations the company has built, position IBEX as an early leader in the field."
Published by Globes, Israel business news - en.globes.co.il - on March 26, 2019
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