Israeli-based artificial intelligence (AI) start-up firm, Ibex Medical Analytics has received a significant boost from a recent round of funding, which sees the Tel Aviv-based company adding over US$38 million to its balance sheet.
Ibexis a leader in AI-powered cancer diagnostics in pathology, applying AI to develop clinical-grade solutions that help detect cancer as accurately as a human pathologist. Their Galen Platform uses algorithms to analyse images, detect and grade cancer in biopsies to improve diagnosis and make the whole treatment lifecycle more efficient and effective. Investment in Ibex was led by London-based venture capitalist firms Octopus Ventures, and 83North.
The scramble to fight back against the COVID-19 pandemic has had a knock on effect on the treatment of other diseases. It is estimated that over 2 million patients sit within a backlog waiting for cancer screening, with a shortage of qualified pathologists leading to potential errors in diagnosis and increased patient risk.
Replacing the need for such a ‘hands-on’ diagnostic approach is something that Ibex is striving for with its AI solutions to help with the decision-making approaches in treatment. “The Ibex team has successfully translated a rich collection of digital pathology data assets and deep learning technology into clinical-grade products that excel in studies and already deliver value to patients,” said Will Gibbs, an early-stage health investor at Octopus Ventures. “The Ibex platform has the potential to deliver meaningful changes to parts of the cancer pathway that have historically been neglected but are critical to improving outcomes for the most common cancer types, but this is quickly changing.”
The investment will allow Ibex to improve the support that they currently offer to labs and medical systems across Europe & North America, and will enhance their Galen Platform to build a better cancer diagnosis across a broader range of tissues and cancers. They will also be able to expand their talent pool in their R&D, clinical and commercial teams.