Paige raises funds for AI-native digital pathology ecosystem

14 July 2020 (Last Updated July 14th, 2020 11:03)

US-based computational pathology company Paige has secured an additional investment of $15m from Goldman Sachs Merchant Banking Division as part of its previously announced Series B financing round.

Paige raises funds for AI-native digital pathology ecosystem
Last year, Paige partnered with Royal Philips to provide intuitive and computational workflow to pathology laboratories. Credit: Royal Philips.

US-based computational pathology company Paige has secured an additional investment of $15m from Goldman Sachs Merchant Banking Division as part of its previously announced Series B financing round.

Goldman Sachs has now invested a total of $20m in the round, which also saw an additional $5m investment from Healthcare Venture Partners, which has previously invested $10m.

The additional investments have brought the total funding raised in Series B round to $70m. Overall, the company has raised over $95m.

Paige intends to use the new capital to accelerate the global position in transforming pathology workflows in the field of cancer. The proceeds will also support the company’s efforts to create custom diagnostic and clinical trial solutions in association with biopharma companies.

Paige CEO Leo Grady said: “We appreciate the continued recognition and support we have received from Goldman Sachs as we gain traction and prove early results in the clinical and biopharma space.

“This new funding will help ensure that the Paige Platform and our advanced computational pathology products will drive the next generation of pathology and improve cancer care globally.”

Following the financing, Goldman Sachs managing director David Castelblanco has joined the board of directors of Paige.

Commenting on the development, Castelblanco said: “We have been very impressed with the company and its pace of development. We are excited to increase our commitment to support Leo, Thomas and the Paige team’s transformative work with artificial intelligence and machine learning in the cancer field.”

Founded in 2017, Paige develops computational pathology products that enable patients and their care teams to make more informed treatment decisions.

Last year, the company partnered with Royal Philips to integrate its clinical-grade artificial intelligence technologies into routine pathological practice.