NEW YORK — Digital pathology firm Paige said on Thursday that it has raised $100 million in a Series C round of financing.
The round was led by Casdin Capital and Johnson & Johnson Innovation, with participation from undisclosed existing investors.
New York City-based Paige, a 2017 spinout from Memorial Sloan Kettering Cancer Center, said it will use the funding to continue development of its computational technologies, biomarkers, and diagnostics, as well as to hire approximately 70 new employees — doubling its current workforce — to build out its engineering and commercial teams.
"These funds will enable us to build additional AI-based products within and outside of oncology, deliver these products to laboratories and clinicians globally, and invest in our talent across engineering and commercial functions," Paige CEO Leo Grady said in a statement.
In mid-2020, Paige closed a $70 million Series B round and received US Food and Drug Administration clearance for its FullFocus digital pathology image viewer with the Philips Ultra Fast scanner for primary diagnosis. The company also recently partnered with Agendia to codevelop breast cancer assays based on their respective technologies.