Health care startup Paige has raised a further $15 million to assist diagnose most cancers utilizing pc imaginative and prescient skilled on scientific imaging information. The funding reveals that whereas COVID-19 investments are getting numerous consideration, AI-related efforts to struggle most cancers are additionally transferring ahead.
The concept is to make use of information units associated to remedy and genomics to coach deep studying networks to detect breast, prostate, and different main cancers. Paige builds computational pathology merchandise to assist pathologists ship extra correct diagnoses to most cancers sufferers and permit sufferers and their care groups to make quicker, extra knowledgeable remedy selections.
New York-based Paige has raised over $95 million up to now. The newest cash got here from Goldman Sachs Merchant Banking Division, whereas Healthcare Venture Partners added to a earlier funding earlier this yr. The funding brings Paige’s collection B, initially disclosed in December, to $70 million. Paige just lately added David Castelblanco, managing director at Goldman Sachs, to its board.
“We really have an opportunity to accelerate our product development across multiple different tissue types, multiple different cancer types,” mentioned Paige CEO Leo Grady in an interview with VentureBeat. “And we are seeing a strong interest from the biopharma industry and working together with them on a number of deals that are not public. With some of the big pharma companies, we’re able to lean into those more and make some additional investment.”
Paige will use the brand new capital to develop its customized diagnostic and check merchandise for the biopharma business whereas strengthening its place in scientific AI for pathologists. It can also be growing the Paige platform for distant viewing and routine scientific apply.
“Another element has to do with COVID-19,” Grady mentioned. “Most of us have had the opportunity to be able to work from home during this crisis, and to be able to connect with video conference and calls and continue to do our work. But that hasn’t been true for pathologists, who are still primarily using microscopes to look at tissue and to be able to make the diagnosis. And so there is an increased demand and an increased interest in going digital, and being able to work remotely and continue their work. We can invest in this further.”
Paige additionally has a partnership with Konica Minolta firm Invicro to supply built-in pathology options to assist pharmaceutical and biotechnology sponsors with their drug discovery and growth initiatives.
Paige was based in 2017 by Thomas Fuchs and his colleagues from the Memorial Sloan Kettering Cancer Center. The firm has about 50 workers and is hiring for a lot of positions.
“We’ve been growing rapidly. And we are actively hiring across a whole range of different roles, both on the engineering and product development by AI scientists, data scientists,” Paige mentioned. “We are also hiring around the country and internationally.”
Paige has been granted FDA breakthrough designation for computational pathology merchandise, which might assist it get approval for its merchandise quicker.