US-based computational pathology solutions provider Paige has raised $45m in a Series B financing round to commercialise its work.

Healthcare Venture Partners led the latest funding round, with participation by Breyer Capital, Kenan Turnacioglu and other investors.

Overall, the company raised a total of more than $70m to this point.

Paige intends to use the proceeds to obtain FDA clearance of its products, focusing on cancer pathology, novel biomarkers and prognostic capabilities.

Paige CEO Leo Grady said: “This influx in funding reflects the acknowledgment and recognition that Paige’s technology is ready for prime time.

“We believe that AI will have a transformative impact on pathology and cancer care by improving pathology quality, throughput, costs and by enabling new biomarkers and diagnostics.

By combining digital slides with genomic, drug response and outcome information, the company aims to create novel diagnostic solutions.

Healthcare Venture Partners Jeff Lightcap said: “Paige exemplifies the benefits of digital pathology and represents the bright future of AI-driven medical diagnosis.

“As hospitals embark on digital transformations, they will face challenges associated with these transitions. We believe Paige addresses many of these issues by enhancing the ability of clinical teams and pathologists to collaborate.”

Recently, Royal Philips partnered with Paige to bring clinical-grade artificial intelligence (AI) technologies into routine pathological practice.

Pathologists will leverage these AI-powered technologies to precisely detect, quantify and characterise cancer cells, delivering improved patient care.

In November, Paige secured CE mark for its Paige Prostate and Paige Insight solutions.

Paige Prostate is a prostate cancer detection solution, while Paige Insight is an AI-powered digital pathology viewer that enables crucial diagnosis, especially of cancer.