Israel-based cancer diagnostics firm Ibex Medical Analytics has announced the close of a Series C financing round, accumulating a total of $55 million in funds and bringing its total funding pot to over $100 million.
The Series C funding was led by 83North, who were joined by Sienna Venture Capital, Octopus Ventures, aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital.
“This latest financing round will enable us to take major steps toward reaching our goal,” said Ibex CEO Joseph Mossel. “We will be using the funds to expand our footprint in the United States to meet the increasing demand for AI-powered diagnostic solutions, and to accelerate the growth of our product portfolio to create more tools for pathologists and labs as they digitally transform their practices.”
Ibex’s cancer diagnostic platform, Galen uses artificial intelligence (AI) workflows and decision support tools to assist pathologists with manual work and visual analysis of biopsies. It does this by providing broad tissue coverage for breast, prostate, and gastric cancer diagnosis, and with AI powered treatment plans.
According to Ibex, the US has had over 1.9 million cancer diagnoses in 2023. This paired with a shortage of pathologists, supports the case for AI diagnostic tools. Data showcased at the European Congress of Pathology indicated that pathologists using Galen’s Breast’s AI insights had a 29 percent increase in accuracy compared to pathologists who only used manual tools without AI support.
According to a GlobalData report, AI is growing in several fields globally, and the market anticipated to reach $93 billion in 2023, up 12% from 2022.
Ibex has plans for further deployments and wants to grow its product portfolio, while expanding the use of Galen with existing industry partners that include Roche, Phillips, Proscia, and Dedalus.