Israel's Ibex Medical Analytics cancer diagnostics startup has completed a $38 million Series B financing round led by Octopus Ventures and 83North, with additional participation from aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital, the corporate venture arm of Dell Technologies, the company announced Tuesday. This brings Ibex's total fundraising to $52 million since it was founded in 2016.
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A rise in cancer prevalence and advances in personalized medicine have resulted in growing diagnostic complexity that significantly increases pathologists' workloads. Coupled with a global shortage of pathologists, these increasing workloads lead to delays and concerns over diagnostic quality.
Ibex harnesses unique artificial intelligence (AI) and machine learning technology to detect cancer in real time. Its Galen Prostate and Galen Breast solutions use strong-AI algorithms and routinely detect misdiagnosed and mis-graded cancers in digitized slides, guiding pathologists to areas of cancer in support of a prompt review.
Ibex will use the investment to accelerate expansion of the Galen solution portfolio at Ibex for more tissue types.
"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," said Ibex co-founder and CEO Joseph Mossel.
