US-based medical diagnostics technology developer Paige has secured $100m in a series C round co-led by medical products group Johnson & Johnson’s investment arm, Johnson & Johnson Innovation – JJDC.
Life sciences investment firm Casdin Capital co-led the round, which also featured undisclosed existing backers and investment funds. The company has now received a total of $195m since it was founded in 2017.
Paige is developing computational pathology technology in order to help pathologists study samples more closely to help researchers and healthcare providers make better informed decisions.
The company, which was founded by former staff members of care provider Memorial Sloan Kettering Cancer Center, will expand its engineering and commercial teams as part of a recruitment drive expected to add 70 employees, while also spending on sales and marketing.
Breyer Capital led the company’s $25m series A round in 2018 before joining Healthcare Venture Partners and private investor Kenan Turnacioglu in a $45m series B in December 2019.
Investment banking firm Goldman Sachs’ Merchant Banking Division added $5m in April 2020 and invested a further $15m in the series B round four months later alongside another $5m from Healthcare Venture Partners.
Leo Grady, Paige’s CEO, said: “Paige is building a transformational portfolio of computational pathology products to serve clinical needs and drive precision medicine. This investment reaffirms the vast potential of the Paige platform for clinical and biopharmaceutical drug development applications.
“These funds will enable us to build additional AI-based products within and outside of oncology, deliver these products to laboratories and clinicians globally and invest in our talent across engineering and commercial functions.”
