Computational Pathology Pioneer Ibex Raises $11 Million
Amoon Fund Leads Round into Developer of First Ever Clinically Deployed AI Based Cancer Diagnosis System
Ibex Medical Analytics, a pioneering developer of AI-driven computational pathology cancer diagnosis system, completed an $11 million Series A funding round led by aMoon Fund . Ibex’s initial product is the Second Read system for prostate core needle biopsies diagnosis, which has been clinically deployed at Maccabi Healthcare Services and will soon be commercially deployed also internationally in pathology labs, establishing Ibex as a first-mover in the emerging computational pathology space.
“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,” said Joseph Mossel, Ibex’s co-founder and CEO. “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.
“Digital and Computational Pathology are set to grow at an exponential pace and transform the world of pathology,” said Roy Wiesner, Managing Director at aMoon. “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.”
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.