With deep learning software running on a supercomputer, Paige.AI is developing pathology technology that learns from large-scale digital image datasets.
The company said that three unnamed insiders who are in control of the company are expected to subscribe for most of the securities for sale.
The firm's lead product is a blood-based assay, called Alibrex, which uses PCR technology to monitor stage IV solid tumor cancer therapy.
The firm's CTO Sarah Levy said the Series C funding will enable it to expand R&D activities to develop applications beyond complete blood counts.
The company plans to use the funds to support development of an early cancer detection test and expansion of its CDx sales force.
The firm said that it anticipates using the funds to scale operations in the US and to continue rolling out its service in the UK.
The firm expects to use the funding to meet demand for its Steripath platform, which improves accuracy, consistency, and predictability of diagnostic lab tests.
Under new ownership, the immunology and allergy testing laboratory is looking to raise its profile in the US and overseas.
The financing will go toward continued development of its MultiPath technology to rapidly identify hospital infections and determine their antibiotic susceptibility.
The combined debt and equity financing for the Washington state allergy lab comes as demand for food-related allergy testing is growing.