PathAI Announces Strategic Investment from Merck Global Health Innovation Fund and Bristol-Myers Squibb to complete $75M Series B Funding
Backing by leading immuno-oncology companies underscores the broad potential for digital pathology and strength of PathAI.
BOSTON, Nov. 4, 2019 /PRNewswire-PRWeb/ -- PathAI, a global leader in artificial intelligence-powered technology for advancing pathology research, announced today that it has secured strategic investments from the Merck Global Health Innovation Fund (Merck GHIF) and Bristol-Myers Squibb. These investments complete PathAI's Series B investment round. PathAI will use the funding to bolster and accelerate its growing clinical development capabilities. The investment serves to deepen PathAI's relationship with these two leaders in the development of cancer therapies.
"We have been fortunate to have the opportunity to work with both of these great companies, and we're excited about the confidence they've shown in PathAI," said PathAI co-founder and Chief Executive Officer Andy Beck M.D., Ph.D. "Merck, BMS and other strategic partners understand that having the best possible insight into the data is incredibly important for driving continued advancements in the rapidly moving field of immuno-oncology, ultimately helping to bring new and better treatments to patients faster."
"We are pleased to join the latest PathAI investment round," added David M. Rubin, Ph.D., Managing Director of Merck GHIF. "Their industry-leading work incorporating artificial intelligence into digital pathology, holds the potential to change the way we diagnose and treat cancer."
"Artificial intelligence is an increasingly important tool in healthcare research and development, and we've seen the quality of PathAI's work first-hand," said Saurabh Saha, M.D., Ph.D., Global Head of Translational Medicine at Bristol-Myers Squibb. "We are excited to take this next step in our partnership with PathAI and to work together to deliver continued scientific and therapeutic advancements for patients."
The investment follows and extends PathAI's Series B investment, announced in April, which was led by venture capital firms General Atlantic and General Catalyst, with strategic participation from LabCorp, a leading global life sciences company that provides comprehensive clinical laboratory and end-to-end drug development service, announced in July. This latest addition brings total investment in PathAI to over $90MM since its founding in 2016.
About PathAI
PathAI is a leading provider of AI-powered research tools and services for pathology. PathAI's platform promises substantial improvements to the accuracy of diagnosis and the efficacy of treatment of diseases like cancer, leveraging modern approaches in machine and deep learning. Based in Boston, PathAI works with leading life sciences companies and researchers to advance precision medicine. To learn more, visit pathai.com.
SOURCE PathAI
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