Using algorithms developed at Memorial Sloan Kettering
Clinical diagnosis startup Paige has closed out its Series B fundraising at $70 million, including an additional $15 million from Godman Sachs Merchant Banking division, bringing that firm’s total investment to $20 million.
The funding round brings Paige’s total capital raised to more than $95 million.
The new funding is aimed at accelerating Paige’s mission of transforming pathology workflows in the field of cancer, and its work on custom diagnostic and clinical trial solutions aimed at improving patient care.
Paige, formerly Paige.ai., was founded in 2017 by colleagues from Memorial Sloan Kettering Cancer Center. The name is an acronym for Pathology AI Guidance Engine.
Page uses large-scale machine learning algorithms trained from tens of thousands of digital slides to help pathologists diagnose patients faster and more accurately.
Its slide viewer is used by pathologists and cancer researchers across Sloan Kettering, the largest and oldest private cancer center in the world.
“We have been very impressed with the company and its pace of development,” said David Castelblanco, managing director at Goldman Sachs and new member to Paige’s Board of Directors. “We are excited to increase our commitment to support the Paige team’s transformative work with artificial intelligence and machine learning in the cancer field.”
“This new funding will help ensure that the Paige platform and our advanced computational pathology products will drive the next generation of pathology and improve cancer care globally,” said Paige CEO Leo Grady.
Additional investors included Healthcare Venture Partners, which added $5 million to their previous investment of $10 million.
“We initially invested in Paige recognizing the potential of their products to add significant value to the industry and impact the future of cancer care,” said Jeffrey C. Lightcap, senior managing director of Healthcare Venture Partners. “After seeing Paige make tremendous progress in such a short period, we added to our investment to further accelerate their growth.”
In 2019, Paige received FDA Breakthrough Device Designation for computational pathology products.
The Journal of Clinical Oncology recently cited the potential benefits of AI in Paige Prostate Alpha in the hands of experienced pathologists to help detect prostate cancer.