NEW YORK – Paige said Wednesday it has closed a $45 million Series B financing round, bringing its total capital raised to more than $70 million.
Healthcare Venture Partners brought the largest contribution to a round in which Breyer Capital, Kenan Turnacioglu, and other funds contributed, Paige said.
New York City-based Paige said that it will use the new capital to drive US Food and Drug Administration clearance of its products and expand its portfolio, moving deeper into cancer pathology, novel biomarkers, and prognostic capabilities. The firm said it will also accelerate commercial efforts in the US and its expansion in Europe, Brazil, and Canada.
"We believe that AI will have a transformative impact on pathology and cancer care by improving pathology quality, throughput, [and] costs, and by enabling new biomarkers and diagnostics," Paige CEO Leo Grady said in a statement. Paige aims to provide its technologies to hospitals around the world and help biopharma "to more effectively treat their patients and bring new therapies to market faster," he added.
The firm recently announced a strategic collaboration with Royal Philips aimed at delivering clinical-grade AI technologies to pathology laboratories.
In November, the company said it had received CE marking for its artificial intelligence-based prostate cancer detection solution and pathology viewer.
Paige has grown its digital slide archive to more than 1.2 million images and is developing systems to combine digital slides with genomic, drug response, and outcome information to create new diagnostic solutions.