US-based diagnostics software provider Paige increased a series C round co-led by medical products group Johnson & Johnson to $125m yesterday with funding from investment firm KKR.
The company raised the first $100m in January this year, in a tranche co-led by Johnson & Johnson subsidiary Johnson & Johnson Innovation – JJDC and life sciences investment firm Casdin Capital.
KKR has now been identified as a co-lead for the round, which includes Catalio Capital Management along with unnamed existing investors and funds.
Paige’s computational pathology technology utilises artificial intelligence to help physicians make more effective treatment decisions. It will allocate the series C funds to geographic growth and the further development of its technology.
The round has brought Paige’s overall funding to $210m, its earlier backers including investment bank Goldman Sachs’ Merchant Banking Division, Breyer Capital, Healthcare Venture Partners and Kenan Turnacioglu.
Leo Grady, Paige’s chief executive, said: “We are grateful for the support of our stellar investors who share our mission to drive the future of precision medicine.
“Paige is committed to transforming the diagnostics space by building an industry-leading portfolio of AI-based clinical applications, biomarkers and diagnostics and investing in the necessary areas to establish the technology long-term. This investment puts us in a strong position for growth over the next few years and beyond.”
