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Ibex Medical Raises $100 Million

Ibex Medical just brought in another $55 Million.

Ibex Medical

Ibex Medical Analytics founders CEO Joseph (Yossi) Mossel and CTO Chaim Linhart

Israeli medtech startup Ibex Medical Analytics uses artificial intelligence (AI) in cancer diagnosis. The company closed a $55 million Series C financing round led by 83North. The financing brings total funding to over $100 million since Ibex’s inception in 2016.

Startup Nation has a number of companies that are developing new cancer treatments. Israel’s OncoHost is developing 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).

And Israeli universities are at the forefront of research into new cancer treatments. In August, Israeli Researchers from Tel Aviv University said they may have found a new way to predict the onset of breast cancer through genetic testing. They say that they have developed a computational model that makes it possible to predict each woman’s genetic risk of developing breast cancer based on her genetic profile. The new computational model, they say, will allow, for the first time in Israel, the determination of a personal genetic risk score for breast cancer based on the genetic profile of each woman.

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Also in August, researchers from the Weizmann Institute of Science in Israel announced they identified a biomarker that they say may one day enable a subgroup of lung cancer patients to benefit from relapse-free treatment. The Weizmann Institute of Science researchers reported findings that may lead to relapse-free treatment for a sizeable subgroup of lung cancer patients.

Founded in 2016 by CEO Joseph (Yossi) Mossel and CTO Chaim Linhart, Ibex Medical’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.

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.

“Ibex is leading the market in live customer deployments as we remain steadfast in our mission of providing every patient with a timely, accurate and personalized cancer diagnosis,” said Joseph Mossel, Co-Founder and CEO of Ibex. “This latest financing round will enable us to take major steps toward reaching our goal. We will be using the funds to expand our footprint in the United States to meet the increasing demand for AI-powered diagnostic solutions, and to accelerate the growth of our product portfolio to create more tools for pathologists and labs as they digitally transform their practices. This financing round highlights our strong commercial momentum and our tenacity in pursuing the opportunities that lie ahead.”



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