Israel-based cancer diagnostics technology developer Ibex Medical Analytics received $38m yesterday in a series B round backed by Dell Technologies Capital, the corporate venturing subsidiary of computing technology producer Dell.
Venture capital firms Octopus Ventures and 83North co-led the round, with investments from life sciences-focused venture capital fund aMoon and VC fund Planven Entrepreneur Ventures.
Ibex has developed an artificial intelligence-enabled (AI) technology platform used by pathologists to detect and grade cancer in patients in real time.
The proceeds of the round will finance the deployment of Ibex’s technology in laboratories and healthcare systems across North America and Europe.
The funding will also support recruitment for the company’s research and development, clinical and commercial teams as well as the development of new AI tools for cancer detection.
Ibex has raised $52m since it was founded in 2016 and seeded by Kamet Ventures, an incubator subsidiary of insurance firm Axa. Its $11m series A round was led by aMoon in April 2019 and included Dell Technologies Capital, Kamet Ventures and 83North.