Kreos Capital, a leading growth debt provider, invests $10 million to accelerate Ibex’s AI deployments and new customers, paving way for further expansions.
Ibex Medical Analytics (Ibex), the leader in AI-powered cancer diagnostics, announced it had secured $10 million in funding from Kreos Capital.
The announcement follows a major expansion of Ibex’s commercial footprint over the past few months. Ibex recently signed several major contracts, including an expansion of its AI deployment at Medipath, the largest network of private pathology labs in France, and another expansion at a major pan-European diagnostics provider. Ibex has also seen a series of new customer wins across multiple geographies, as well as the deployment of its Galen™ AI platform for routine use at a major US health system.
Ibex will use the new resources to strengthen and expand its US team and support new customer deployments, fueling further business growth. The company will also accelerate R&D initiatives, focusing on adding new applications to the Galen platform to enable new tissue diagnostics and automated biomarker quantification, and enhancing collaboration with leading digital pathology providers.
Galen, the first and most widely deployed AI technology in pathology, is used in routine clinical use at laboratories, hospitals and health systems worldwide and supports pathologists across numerous diagnostic tasks during the review of breast, prostate, and gastric biopsies. Galen demonstrated outstanding outcomes across clinical studies performed in multiple pathology labs and diagnostic workflows, improving the quality of cancer diagnosis, reducing turnaround time, boosting productivity, and improving user experience for pathologists.
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“The recent milestones we have accomplished demonstrate our continued commitment to providing every patient with an accurate, timely and personalized cancer diagnosis powered by our AI technology,” said Joseph Mossel, CEO and Co-founder of Ibex Medical Analytics. “This latest funding from Kreos Capital validates our prominence in the market and will further fuel our growth in line with our commercial successes, strong product road-map and ability to execute across multiple markets.”
The funding comes as an addition to Ibex’s $52 million funding to date, with investors including Octopus Ventures, 83North, aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital.
Aris Constantinides, General Partner of Kreos Capital commented, “We are proud to be able to support the Ibex team in their endeavors to transform cancer diagnosis with AI. Ibex’s commercial success in the digital pathology and AI market, their growing installed base and ability to drive adoption with customers, together with significant strides the company has made in developing their product offering, position Ibex as leaders in one of the fastest growing segments of healthcare technology.”
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