Startups
PathAI raises $60 million for its computer vision-based pathogen detection technology
With a clinical version of PathAI‘s computer vision-based pathogen detection service still at least one year from coming to market, the diagnostic technology developer has snagged $60 million in its latest round of financing.
The company’s tech is used by doctors to analyze cell samples taken from patients to determine the presence or absence of bacterium, viruses, cancerous cells or other disease-causing agents.
These days, PathAI’s technology is used less in hospitals for patient care and more by pharmaceutical companies developing new drugs, according to the company’s co-founder and chief executive, Dr. Andy Beck.
“Our biggest focus today is a research platform; we use it to examine new therapeutics for serious diseases,” Beck says. “We see that as a really important problem for patients… accelerating how we get safe and effective medicines to patients.”
That’s an attractive market, given that pharmaceutical companies have more money than hospitals to spend on new technology.
When the company does work with pathologists, they’re using the technology for research purposes, says Beck. Any clinical diagnostic work would have to go through trials and be approved by regulators, he says.
“For this direct clinical use it’s in the one to two-year time frame,” he says.
General Atlantic led the company’s latest round, with additional capital coming from previous investors General Catalyst, 8VC, DHVC, REfactor Capital, KdT Ventures and Pillar Companies.
PathAI has grown its staff to more than 60 employees in the past year, and the company has signed partnerships with Bristol-Myers Squibb and Novartis .
As a result of the financing, General Atlantic managing director Dr. Michelle Dipp will take a seat on the company’s board.
“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, in a statement.
-
Entertainment6 days ago
Summer Movie Preview: From ‘Alien’ and ‘Furiosa’ to ‘Deadpool and Wolverine’
-
Business7 days ago
Petlibro’s new smart refrigerated wet food feeder is what your cat deserves
-
Entertainment5 days ago
What’s on the far side of the moon? Not darkness.
-
Business5 days ago
How Rubrik’s IPO paid off big for Greylock VC Asheem Chandna
-
Business6 days ago
Thoma Bravo to take UK cybersecurity company Darktrace private in $5B deal
-
Business4 days ago
TikTok faces a ban in the US, Tesla profits drop and healthcare data leaks
-
Business4 days ago
London’s first defense tech hackathon brings Ukraine war closer to the city’s startups
-
Business6 days ago
Zomato’s quick commerce unit Blinkit eclipses core food business in value, says Goldman Sachs