Paige Secures $45 Million Series B Funding to Accelerate AI-Powered Digital Pathology Ecosystem Across the U.S., Brazil, Canada, and Europe

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on December 18, 2019, Paige, a U.S.-based developer of AI-powered cancer diagnostic technologies, announced the completion of a $45 million Series B financing round. The round was led by HealthCor Partners, with participation from Breyer Capital and private investor Kenan Turnacioglu.

It is reported that since its establishment in February 2018, Paige has raised a total of over $70 million, including this latest round of financing. The funds from this round will be used to accelerate the commercial development of Paige’s AI digital pathology ecosystem in the United States, Brazil, Canada, and Europe.

Paige is a leader in the field of computational pathology in New York City. The company is dedicated to transforming the diagnosis and treatment of cancer by providing pathologists, clinical healthcare providers, and researchers with decades of diagnostic data from cancer care experts. Paige has created an AI-powered digital pathology ecosystem that enables pathologists to obtain higher-quality, lower-cost cancer diagnosis and treatment recommendations in a shorter amount of time.

In recent years, cancer diagnosis has been at the forefront of a digital revolution. Paige aims to leverage AI and vast proprietary datasets to provide pathologists, researchers, and drug development teams with powerful new insights. Paige holds an exclusive license from Memorial Sloan Kettering (MSK) and has exclusive rights to its library of 25 million pathology slides, one of the largest oncology pathology archives in the world. Building on MSK’s foundation, Paige plans to digitize millions of archived slides. These clinical data will help uncover novel connections among pathology, genomics, treatment response, and patient prognosis. Additionally, Paige offers tailored solutions for drug development teams, ranging from preclinical modules to automated pathological analysis for clinical trials and biomarker development.

Thomas Fuchs, Founder of Paige, stated: “Paige was the first to receive the FDA’s ‘Breakthrough Device’ designation for artificial intelligence in the fields of pathology and oncology, and subsequently obtained the first CE mark in this sector. 2019 was a milestone year in Paige’s journey.”

HealthCor Partners is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). HealthCor Partners and its affiliates manage approximately $365 million in capital dedicated to private equity investments, primarily targeting growth-stage companies across various sectors of the healthcare and life sciences industries.

Breyer Capital, established in 2006, is a global venture capital and private equity investment firm focused on investing in high-impact entrepreneurs in the United States and China.

(Compiled by Wang Fang)