PathAI Raises $60 Million in Series B Funding
Boston-based PathAI announced that it has raised $60 million in Series B funding from General Atlantic. The company provides Artificial Intelligence backed technology for pathology to its customers, spread out globally. General Catalyst along with a few other investors have also added to the funding. The capital ensures the continuity of the company’s global expansion. Dr. Michelle Dipp, General Atlantic’s Managing Director will be joining PathAI’s board of directors. The company will continue to advance on its goal of providing exceptional AI-powered solutions for pathology and for the sub-typing of cancer.
PathAI’s immediate roadmap consists of –
- Enhance offerings to existing partners
- Drive continuous improvement of its proprietary research platform
- Meet market demands
- Fuel R&D into emerging tools and devices
- Partner with leading pharmaceutical companies to develop life-saving drugs
- Partner with laboratories to develop better solutions for patients
“Our goal has been clear since day one – a relentless drive to ensure patients get the right diagnosis and the most effective treatment. We’re looking forward to working with our partners to scale this effective approach across disease areas and around the world,” PathAI co-founder and Chief Executive Officer Dr. Andy Beck said. “The global network and deep expertise in technology and life sciences brought by General Atlantic, alongside the continued support of existing investors like General Catalyst, can only enhance our ability to effect change toward this major, impactful objective.”
“PathAI is a clear leader in the emerging digital pathology industry that is being disrupted by technology and machine learning,” said Dr. Michelle Dipp. “As we remain committed to supporting the next generation of life sciences companies, we’re thrilled to partner with PathAI, which seeks to address critical problems by bringing cutting edge storage, viewing, and AI-enabled analytics to help pathologists make fast, accurate, and consistent diagnoses.
“PathAI’s work could radically improve the accuracy and reproducibility of disease diagnosis and support the development of new medicines to treat those diseases,” said David Fialkow, Managing Director at General Catalyst. “GC is honored to once again back founders, Andy Beck, and Aditya Khosla, Chief Business Officer Tiffany Freitas, Chairman Jeff Leiden, and the entire PathAI team. The positive – and global – impact of getting this right cannot be overstated. We think this is the team that has all the potential to bring these game-changing solutions to market.”
A large reason for this funding is the result of the company’s recent certification in quality management and information systems. PathAI’s platform will continue to leverage cutting-edge technologies like Machine Learning & Deep Learning to introduce clarity and accuracy in the diagnosis of critical diseases such as cancer.’