AI Diagnostics Firm Ibex Medical Closes $38M Funding Round

Israeli AI-powered cancer diagnostics company Ibex Medical Analytics announced a $38 million Series B financing round on Tuesday, led by Octopus Ventures and 83North, with additional participation from Israeli medtech fund aMoon,

Planven Entrepreneur Ventures and Dell Technologies Capital, the corporate venture arm of Dell Technologies, also took part in the round, which brings Ibex’s total funding to $52 million since the startup was established in 2016 as part of the Kamet Ventures incubator.

Ibex develops clinical-grade, AI-based solutions that help pathologists detect and grade cancer in biopsies. Ibex’s Galen Prostate and Galen Breast are the first AI-powered cancer diagnostics solutions in routine clinical use in pathology, the company says, and are deployed in labs worldwide.

The Galen platform offers the Ibex First Read and the Ibex Second Read, applications that analyze cases prior to human pathologist review, enabling case prioritization, and in parallel with human pathologist review to identify any discrepancies, respectively. The Second Read system for breast and prostate biopsies have been used at the Pathology Institute of Maccabi Health Services – Israel’s leading HMO – since 2018 and the First Read implementation was recently announced.

Ibex Medical said in a statement that it will use the new investment to support a rapidly expanding customer base of clinical deployments in labs and health systems in North America and Europe and grow talent across R&D, clinical and commercial teams.

The investment will also accelerate the expansion of the Galen solution portfolio at Ibex, bringing new AI tools for more tissue types, including novel AI-based enhancements of the pathology workflow and oncology-focused AI-markers. 

“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.” 

“The Ibex team has successfully translated a rich collection of digital pathology data assets and deep learning technology into clinical-grade products that excel in studies and already deliver value to patients,” said Will Gibbs, early stage health investor at Octopus Ventures, who will be joining the Ibex Board as part of this funding round.

“We look forward to partnering with the leadership team at Ibex as the company continues its journey to transform cancer diagnosis,” he added.

“We continue to be impressed with Ibex’s progress since the previous investment round, making a meaningful impact on cancer diagnosis globally,” said Gil Goren, General Partner at 83North and an Ibex Board member.

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