PathAI,
a global provider of artificial intelligence-powered technology for
pathology, announced today that it has raised $60 million in Series B
funding. The round was led by new investor General
Atlantic, a leading global growth equity firm, with strong
participation from General
Catalyst and other existing investors. The new capital will fuel
PathAI’s continued expansion as the company seeks to advance the medical
discipline of pathology. General Atlantic Managing Director Dr. Michelle
Dipp will be joining PathAI’s board of directors as the company advances
its mission of offering faster, safer, and more powerful solutions for
the diagnosis and sub-typing of diseases like cancer.
PathAI plans to use this new capital to enhance offerings to existing
partners, drive continuous improvement of its flagship pathology
research platform, meet market demands, and fuel research and
development into new tools and medical devices. Its growing partnerships
with leading global pharmaceutical companies seek to accelerate drug
development in life-saving therapeutics, and its partnerships with
leading diagnostic laboratories aim to support pathologists in bringing
faster, more accurate, and more predictive diagnostics to patients.
“Our goal has been clear since day one – a relentless drive to ensure
patients get the right diagnosis and the most effective treatment. We’re
looking forward to working with our partners to scale this effective
approach across disease areas and around the world,” PathAI co-founder
and Chief Executive Officer Dr. Andy Beck said. “The global network and
deep expertise in technology and life sciences brought by General
Atlantic, alongside the continued support of existing investors like
General Catalyst, can only enhance our ability to effect change toward
this major, impactful objective.”
“PathAI is a clear leader in the emerging digital pathology industry
that is being disrupted by technology and machine learning,” said Dr.
Michelle Dipp. “As we remain committed to supporting the next generation
of life sciences companies, we’re thrilled to partner with PathAI, which
seeks to address critical problems by bringing cutting edge storage,
viewing, and AI-enabled analytics to help pathologists make fast,
accurate, and consistent diagnoses.
“PathAI’s work could radically improve the accuracy and reproducibility
of disease diagnosis and support the development of new medicines to
treat those diseases,” said David Fialkow, Managing Director at General
Catalyst. “GC is honored to once again back founders, Andy Beck and
Aditya Khosla, Chief Business Officer Tiffany Freitas, Chairman Jeff
Leiden, and the entire PathAI team. The positive – and global – impact
of getting this right cannot be overstated. We think this is the team
that has all the potential to bring these game-changing solutions to
market.”
This funding round comes as PathAI has secured critical certifications
in quality management and information security systems. PathAI’s staff
has grown from 25 to more than 60 in the past year, reflecting the
company’s investments in machine learning, product development, quality
and regulatory affairs, and scientific program management. PathAI has
been named one of the best places to work in Boston by the Boston
Business Journal and Built in Boston, and key partners like
Bristol-Myers Squibb and Novartis have publicly lauded the work they
have done with PathAI to advance the state of disease treatment.
About PathAI
PathAI is a leading provider of AI-powered research tools and services
for pathology. PathAI’s platform promises substantial improvements to
the accuracy of diagnosis and the efficacy of treatment of diseases like
cancer, leveraging modern approaches in machine and deep learning. Based
in Boston, PathAI works with leading life sciences companies and
researchers to advance precision medicine. To learn more, visit pathai.com.
About General Atlantic
General Atlantic is a leading global growth equity firm providing
capital and strategic support for growth companies. Established in 1980,
General Atlantic combines a collaborative global approach, sector
specific expertise, a long-term investment horizon and a deep
understanding of growth drivers to partner with great entrepreneurs and
management teams to build exceptional businesses worldwide. General
Atlantic has more than 150 investment professionals based in New York,
Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City,
Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more
information on General Atlantic, please visit the website: www.generalatlantic.com
About General Catalyst
General Catalyst is a venture capital firm with approximately $5B raised
to date that makes early-stage and transformational investments. We back
fearless entrepreneurs who have the potential to build market-leading
technology companies like Airbnb, BigCommerce, ClassPass, Datalogix,
Datto, Demandware, Gusto, HubSpot, KAYAK, Oscar, Snap, Stripe, and Warby
Parker. With offices in San Francisco, Palo Alto, New York City and
Boston, our portfolio companies benefit from a bicoastal network of
talent, customers, and opportunity. For more: www.generalcatalyst.com.
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