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Digital Pathology Firm Pathware Closes $7M Oversubscribed Series A Funding, Appoints New CEO

NEW YORK – Digital pathology firm Pathware announced on Tuesday that it has closed a $7 million oversubscribed Series A financing round and appointed a new CEO.

The round was co-led by UnityPoint Health Ventures and Level Eight Ventures with participation from healthcare and technology investment firm MVolution Partners, life sciences venture capital firm Solas BioVentures, and existing investors, Pathware said in a statement.

The funding will be used to continue expanding the Denver-based company's team and submit its point-of-care hardware and software system, Bioptic, to the US Food and Drug Administration for clearance. The system returns a biopsy quality assessment in minutes based on whole-slide images.

"While there has been tremendous progress applying artificial intelligence to digital pathology software, there has been no meaningful innovation in digital pathology hardware over the last two decades," Austin Duke, venture investing director at UnityPoint Health Ventures, said in a statement. "We are excited for Pathware’s hardware and software innovations to enable new workflows and applications, as well as extend the reach of pathologists for the 90 percent of hospitals that are unable to staff pathologists on site."

Pathware also announced it has appointed TJ Meyer as CEO. Meyer previously led global marketing, strategy, clinical support, and business development at lung cancer diagnostic and staging company Veran Medical Technologies. Veran was acquired by Olympus in 2020.