Israeli medtech startup Ibex Medical Analytics uses artificial intelligence (AI) in cancer diagnosis. The company just raised $38 million in a Series B financing round led by Octopus Ventures and 83North. The company has now raised $52 million to date.
Startup Nation has a number of companies which are developing new cancer treatments. Israel’s OncoHost is developing a new ways to test the blood of cancer patients in order to determine which treatments will be the most effective. Novellus is an Israeli clinical-stage biotechnology company focused on precision oncology (treatment for cancer).
But Ibex Analytics offers a new way to diagnose cancer. Early diagnosis is vital for there to be successful treatment of any kind of cancer. Even with all of the breakthroughs in cancer treatments over the years there will always be a tipping point after which a treatment either won’t work, or the cancer has spread and possibly done irreparable damage to vital organs.
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This is why what Ibex Analytics does is so important. The use of AI helps offset the lack of capable pathologists and overwhelming caseloads. AI will someday be able to do the diagnostic work in a fraction of the time. And remember, AI does not get tired or sick.
The company was founded in 2016 by CEO Joseph (Yossi) Mossel and CTO Chaim Linhart. Ibex’s main product is Galen. The company boasts that the Galen platform demonstrated “outstanding outcomes in clinical studies and helps pathologists reduce diagnostic error-rate, obtain 100% quality control and enable a more efficient workflow.” The Ibex Galen Breast and the CE-marked Galen Prostate are the first-ever AI-powered cancer diagnostics solutions used in routine clinical practice in pathology labs.
“Ibex is at the forefront of digital transformation in pathology and we are committed to supporting our customers on their AI journey,” said Joseph Mossel, Ibex CEO and Co-founder. “Quality diagnosis is our top priority and a cornerstone of cancer care programs. I am proud of our team, demonstrating through clinical studies and, more importantly, in live clinical settings, that our AI is a game changer in eliminating misdiagnosis and ensuring real-time patient safety. This investment will help us meet the growing demand for AI and digital pathology rollouts and develop AI-markers for a more targeted treatment of cancer.”