PathAI Secures $15 Million in Series B+ Funding Led by LabCorp with Participation from Merck GHIF and Bristol-Myers Squibb

On November 6, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that PathAI, a technology-driven healthcare company, announced the completion of a $15 million Series B+ financing round. The round was led by LabCorp, with participation from Merck Global Health Innovation Fund (Merck GHIF) and Bristol-Myers Squibb.

PathAI will leverage the proceeds from this financing round to expand the clinical application of its AI-driven diagnostic technologies and strengthen its team’s capabilities in clinical development. Furthermore, PathAI will remain focused on the field of cancer treatment, providing patients with novel therapies.

It is reported that PathAI had previously completed three rounds of financing, including a $60 million Series B round in April 2019 led by venture capital firms General Atlantic and General Catalyst. This latest funding brings the total amount raised in PathAI’s Series B round to $75 million.

PathAI, founded in 2016 and headquartered in Boston, Massachusetts, USA, is a technology-driven healthcare company dedicated to pathology research. The company specializes in developing AI-powered pathology tools, leveraging artificial intelligence to enhance cancer diagnostic techniques. Since its inception, PathAI has raised over $90 million in total funding.

PathAI, led by its co-founder and CEO Dr. Andy Beck, collaborates with leading life sciences companies and researchers to advance precision medicine. PathAI aims to leverage machine learning and deep learning to significantly enhance diagnostic accuracy and treatment efficacy.

Dr. Andy Beck stated, “We are fortunate to have the opportunity to collaborate with these leading companies and believe that PathAI will be an excellent strategic partner. We possess superior market insights and leverage technology-driven products to deliver innovative therapies to patients.”

Dr. David M. Rubin, Managing Director of the Merck Global Health Innovation Fund, stated, “We are pleased to participate in PathAI’s latest round of financing. By integrating artificial intelligence into digital pathology research, they will revolutionize the diagnosis and treatment of cancer.”

Dr. Saurabh Saha, Global Head at Bristol-Myers Squibb, stated, “Artificial intelligence is critically important to healthcare research and product development, and we are pleased to continue our collaboration with PathAI to jointly deliver science-driven therapies and products for patients.”

LabCorp, established in 1976 and headquartered in North Carolina, USA, is a globally leading publicly traded life sciences company. The company provides end-to-end clinical laboratory testing services to healthcare professionals, medical institutions, and pharmaceutical and biotechnology firms, thereby accelerating the research, development, and commercialization of new drugs.

Merck Global Health Innovation Fund, established in 2010 and headquartered in New Jersey, USA, is a venture capital and healthcare company under the German pharmaceutical and health enterprise Merck. The company primarily focuses on the medical technology and pharmaceutical industries, managing assets exceeding $500 million.

Bristol-Myers Squibb, founded in 1887 and headquartered in New York, USA, is a research-driven biopharmaceutical public company. The company is primarily engaged in the research and development, design, manufacturing, and distribution of pharmaceuticals. Its diversified business portfolio encompasses pharmaceutical products, consumer goods, nutritional supplements, and medical devices. Bristol-Myers Squibb exports its products to more than 120 countries and regions worldwide, employs over 54,000 people, and generates annual sales revenue of up to $20 billion.

(Compiled by Xu Xiaoxue)