Ibex Medical Analytics, an Israeli startup specializing in Artificial intelligence-powered cancer diagnostics, has secured an impressive $55 million in funding during its recent series C round. The funding was primarily led by 83North, with additional support from Sienna Venture Capital, Octopus Ventures, aMoon, Planven Entrepreneur Ventures, and Dell Technologies Capital. This latest injection of capital essentially doubles Ibex’s total fundraising since its inception in 2016, pushing its lifetime total past the remarkable $100 million mark.
The core of Ibex’s portfolio revolves around the Galen platform, a sophisticated system employing deep learning AI algorithms to scrutinize pathology slides for cancer indications. The primary objectives are to enhance the diagnostic accuracy of pathologists and streamline their workflow.
So far, Ibex’s Galen platform has received CE mark clearance in Europe for the detection of prostate, breast, and gastric cancers, in that order. One of its latest additions, Galen Gastric, launched in 2021 and earned CE mark approval about a year later. Like its predecessors, it was meticulously trained on over a million biopsy slides to identify potential cancer indicators and other gastrointestinal tract issues.
Although Ibex’s technology is yet to gain widespread approval for use in the United States, it’s already being utilized in several American hospitals, and the FDA has taken note. The Galen platform was designated a breakthrough device in mid-2021.
In addition to developing new features for the Galen platform, Ibex is enhancing its existing diagnostic tools. Following the recent $55 million funding round, the company announced the launch of Galen Breast HER2. This expansion of the original breast cancer detection tool now includes an automated calculation of the HER2 immunohistochemistry score. Pathologists can review and confirm these results, which is a significant advancement since HER2 evaluations have traditionally been done visually.
The development of the HER2 tool was a collaboration with AstraZeneca and Daiichi Sankyo and aims to improve diagnostic accuracy. This enhancement will enable better matching of patients with the emerging class of HER2-targeting drugs, marking a significant step forward in personalized cancer care. Ibex’s commitment to innovation and improving cancer diagnostics continues to make waves in the medical technology landscape.