Ibex Medical Analytics builds clinical-grade, AI-powered cancer diagnostics centered on its Galen suite for pathology workflows. Galen solutions are deployed in routine practice to support pathologists, improve diagnostic accuracy and quality control, reduce turnaround times and boost productivity. Certain Galen solutions are CE marked and registered with the UK MHRA; in the United States they are Research Use Only and not FDA-cleared. Ibex’s AI technology relies on deep learning algorithms trained by a team of pathologists, data scientists and software engineers. Led by CEO Joseph Mossel, the company plans to use funds from its recent raise to expand its U.S. presence and accelerate growth of its product portfolio. The Series C increased the company’s total capital raised to $100M since its 2016 founding. Ibex Medical Analytics develops clinical-grade, AI-powered solutions for cancer diagnostics centered on its Galen suite. The Galen platform is described as the first and most widely deployed AI technology in pathology and is used in routine practice to support pathologists. Its AI is built on deep learning algorithms trained by a team of pathologists, data scientists, and software engineers. In November 2022 the company secured $10.0M in funding led by Kreos Capital, with participation from Octopus Ventures, 83North, aMoon, Planven Entrepreneur Ventures, and Dell Technologies Capital. Ibex plans to use the funds to strengthen and expand its U.S. team, support new customer deployments, and accelerate R&D to add new tissue-diagnostic applications and automated biomarker quantification. The company also intends to enhance collaboration with leading digital pathology providers to drive broader commercial adoption and improved diagnostic workflows. Ibex Medical Analytics develops Galen, an AI-driven imaging platform that mimics a pathologist’s workflow to detect cancer cells in biopsies. Originally incubated at Kamet Ventures, the platform prepares cases, marks regions of interest, and acts as a pathologist’s assistant to speed diagnosis. The company says pathologists can be 40% more productive using its solution. Ibex has secured customers including the largest pathology network in France and LD Path, which comprises five labs serving 24 NHS trusts in the U.K. Launched in 2016, the company plans to use new funding to expand sales into diagnostic labs across North America and Europe. To date it has raised $52 million in total financing.

Total raised

$103M

Funding rounds

3

Latest round

Series C

Latest activity

Sep 2023