Ibex Medical Analytics, a Tel Aviv, Israel-based AI-powered cancer diagnostics company, raised $38m in Series B financing.
The round was led by Octopus Ventures and 83North, with participation from aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital, the corporate venture arm of Dell Technologies, bringing total funding of Ibex to $52m since its inception in 2016 as part of the Kamet Ventures incubator. Will Gibbs, early stage health investor at Octopus Ventures, will be joining the Ibex Board as part of this funding round.
The company intends to use the funds to expand its customer base of clinical deployments in labs and health systems in North America and Europe, grow talent across R&D, clinical and commercial teams, accelerate expansion of the Galen™ solution portfolio, bringing new AI tools for more tissue types, including novel AI-based enhancements of the pathology workflow and oncology focused AI-markers.
Led by Joseph Mossel, CEO and Co-founder, Ibex uses AI to develop clinical-grade solutions that help pathologists detect and grade cancer in biopsies. The Galen™ Prostate and Galen™ Breast are AI-powered cancer diagnostics solutions in routine clinical use in pathology and deployed worldwide, empowering pathologists to improve diagnostic accuracy, integrate comprehensive quality control and enable more efficient workflows. Ibex’s solutions are built on deep learning algorithms trained by a team of pathologists, data scientists and software engineers.