To help power its artificial intelligence-based pathology services, PathAI has raised $60 million in venture capital funding, with plans to accelerate its R&D into new digital tools and medical devices for the diagnosis and classification of diseases like cancer.
In addition, the Boston-based company hopes to grow its drug development partnerships with pharmaceutical companies, including past efforts with Bristol-Myers Squibb and Novartis, as well as its work with diagnostic laboratories. In the past year, PathAI’s team has grown from 25 to more than 60, with new staff in machine learning development and regulatory affairs.
The series B round was led by PathAI’s new backer General Atlantic, alongside participation from General Catalyst and others. The significant new raise brings the company’s total funding up to $75.2 million, according to Crunchbase.
An $11 million series A round in November 2017 had brought on Pillar Companies, Refactor Capital, 8VC, Danhua Capital and KdT Ventures as investors.
PathAI also linked up with Philips in early 2017 to develop new oncology diagnostics, starting with automated deep-learning programs that can quickly spot cancerous lesions in breast tissue.
The ultimate goal is to ease the unending, manual work of reviewing tumor slides for tiny yet important details among individual cells. With more than 250,000 new breast cancer cases being diagnosed annually in the U.S., conventional pathology work can become extremely laborious, PathAI CEO Andy Beck said at the time.