US-based pathology research technology developer PathAI closed a $75m series B round yesterday after securing a final tranche from pharmaceutical firms Merck & Co and Bristol-Myers Squibb.
Merck & Co contributed through its Global Health Innovation Fund (GHIF). The size of the extension was not revealed.
PathAI previously obtained an extension of unspecified size from laboratory services provider LabCorp in July 2019, adding to a $60m initial series B tranche co-led by General Atlantic and General Catalyst in April this year.
PathAI employs artificial intelligence technology to provide research tools and services for pathology. Its platform aims to improve the accuracy of diagnoses and efficacy of therapies for diseases such as cancer.
The series B funding will allow PathAI to further build out its clinical development capabilities, while Merck & Co and Bristol-Myers Squibb are seen as strategic investors thanks to their expertise in cancer treatments.
David Rubin, managing director of Merck GHIF, said: “We are pleased to join the latest PathAI investment round. Their industry-leading work incorporating artificial intelligence into digital pathology, holds the potential to change the way we diagnose and treat cancer.”
General Catalyst previously led PathAI’s $11m series A round in 2017, with contributions from Pillar Companies, Refactor Capital, 8VC, Danhua Capital and KdT Ventures.
