Paige, a computational pathology startup spun out of Memorial Sloan Kettering, raised $100 million in a series C funding round. The New York-based company is developing clinical decision support tools for pathologists, and plans to use the funds to further advance its technology.
Paige was started in 2018 by Dr. Thomas Fuchs, who spun out the company from research at Memorial Sloan Kettering Cancer Center. The startup had a research agreement to receive de-identified images of digitized pathology slides, which it is using to make AI tools across multiple cancer subtypes, and the Memorial Sloan Kettering holds an equity stake in the company.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Earlier this year, Paige received 510(k) clearance from the Food and Drug Administration for a digital pathology image viewer. It also received a Breakthrough Device designation from the FDA for an AI tool for cancer diagnosis.
None of Paige’s clinical decision support tools are yet cleared to be used for diagnostics in the U.S. But in Europe, it has two CE-marked solutions to detect areas of suspected prostate cancer or breast cancer.
With the new funds, Paige plans to double its headcount, with roughly 70 new employees across its engineering and commercial teams.
“This investment reaffirms the vast potential of the Paige platform for clinical and biopharmaceutical drug development applications,” Paige CEO Leo Grady said in a news release. “These funds will enable us to build additional AI-based products within and outside of oncology, deliver these products to laboratories and clinicians globally, and invest in our talent across engineering and commercial functions.”
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