18 December 2019:
Paige has raised $45 million in Series B round of funding. Healthcare Venture Partners brought the largest contribution to the round. Breyer Capital, Kenan Turnacioglu also participated in the funding round.
The company will use the fresh funds to drive FDA clearance of its products and expand its portfolio, delving deeper into cancer pathology, novel biomarkers and prognostic capabilities.
Additionally, the company will accelerate commercial efforts in the U.S. and expansion in Europe, Brazil, and Canada.
Leo Grady, CEO, Paige, said, “This influx in funding reflects the acknowledgment and recognition that Paige’s technology is ready for prime time. We believe that AI will have a transformative impact on pathology and cancer care by improving pathology quality, throughput, costs and by enabling new biomarkers and diagnostics.”
Leo Grady, added, “We are committed to offering these powerful technologies to hospitals around the world, and helping biopharma more effectively treat their patients and bring new therapies to market faster.”
Thomas Fuchs, Founder of Paige, said, “The funding comes on the heels of a milestone year. Paige achieved the first FDA breakthrough designation for AI technology in Pathology and Oncology and later received the first CE mark in the space.”
Jeff Lightcap of Healthcare Venture Partners, said, “Paige exemplifies the benefits of digital pathology and represents the bright future of AI-driven medical diagnosis. As hospitals embark on digital transformations, they will face challenges associated with these transitions.”
Jeff Lightcap, added, “We believe Paige addresses many of these issues by enhancing the ability of clinical teams and pathologists to collaborate. We’re confident in Paige’s future and believe they will continue to develop cutting-edge technologies that enable pathology departments to transform their practices, which have changed little in the last century.”
Jim Breyer of Breyer Capital, said, “We applaud Paige’s commitment to building clinical AI products that will improve the diagnostic process and patient care. This is a critical time for Pathology, as pathologists are carrying a heavier workload than ever before.”
Jim Breyer, added, “Paige understands their needs and the team has built cutting-edge technologies to address them. Paige represents the future of computational pathology and we look forward to their continued growth and success.”
(Image – Paige)