Tel Aviv-based Ibex Medical Analytics raises $38 million, pushes forward with AI powered cancer diagnostics

Tel Aviv-based Ibex Medical Analytics raises $38 million, pushes forward with AI powered cancer diagnostics

Ibex Medical Analytics has recently announced the successful close of Series B financing, to the tune of $38 million.

The round was led by Octopus Ventures and 83North, with aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital also participating. This now brings total funding to $52 million.

The AI powered cancer diagnostics firm is expected to use the investment to expand their customer base in North America and Europe, as well as bolster research and development, clinical and commercial teams. Likewise, a portion of this investment is earmarked to be put towards the Galen solution, introducing new AI tools that can diagnose more tissue types.

Pathologists are often the unsung heroes in healthcare with their detection and diagnosis of disease being at the forefront of cancer treatment and care. With a growing rise in cancer cases, as well as personlised care medicine, these heroes are overwhelmed. A global shortage of these skilled workers isn’t helping.

And thus, Ibex’s aim is to provide cancer in real time, giving pathologists a set of tools that ensure a quality control rate of 100%, while dramatically reducing testing and diagnosis turnaround times.

Galen uses AI powered algorithms and regularly detec misdiagnosed and misgraded cancers in digital slides. This detection then notifies pathologists as to what needs to be reviewed ASAP. And not just for today, looking forward Ibex is partnering with others around the globe in the development of AI markers for predictive applications used in cancer management and drug development.

“Quality diagnosis is our top priority and a cornerstone of cancer care programs. I am proud of our team, demonstrating through clinical studies and, more importantly, in live clinical settings, that our AI is a game changer in eliminating misdiagnosis and ensuring real-time patient safety. This investment will help us meet the growing demand for AI and digital pathology rollouts and develop AI-markers for a more targeted treatment of cancer,” comments Ibex CEO and Co-founder Joseph Mossel.

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