Paige will use the funding to advance the transformation of digital pathology by leveraging insights from patient’s sample
Paige has secured $100m in a Series C funding round, led by Casdin Capital and Johnson & Johnson Innovation (JJDC), the strategic venture capital arm of Johnson & Johnson.
The company intends to use the funding to advance the transformation of digital pathology by leveraging insights from patient’s sample, to help pathologists, care teams and researchers make effective decisions.
The AI-based digital diagnostics firm said that existing investors and other funds also participated in the Series C funding round.
Casdin Capital chief investment officer Eli Casdin said: “Bending the mortality curve on cancer is a humbling and critical goal requiring big data, big technology and big talent.
“Paige combines all three: Robust AI capabilities, access to millions of digital pathology images linked to the key clinical data modalities of imaging, genomic, and clinical/EMR data, and a growing team purpose built to deliver.
“This is a unique opportunity to transform data into a next generation of cancer diagnostics and therapeutics, with clear application beyond cancer, and we are excited to be joined by JJDC to fuel the company to deliver on this opportunity.”
Paige to expand its engineering team in 2021
Apart from advancing the development of AI-based clinical applications, biomarkers and diagnostics, Paige is also planning to invest in sales and marketing efforts for rapid scaling of product adoption by hospitals and labs.
The company is expected to further expand its engineering and commercial teams by hiring around 70 new employees in 2021, which would double its size.
Established in 2017, Paige is engaged in creating computational pathology products designed to help patients and care teams for effective treatment decisions.
By leveraging advanced AI-based technologies, the company has created a platform to transform pathologists’ workflow and enhance diagnostic productivity.
Paige claimed that it is the first company to receive US Food and Drug Administration (FDA) breakthrough designation for computational pathology products.
Paige chief executive officer Leo Grady said: “Paige is building a transformational portfolio of computational pathology products to serve clinical needs and drive precision medicine.
“This investment reaffirms the vast potential of the Paige platform for clinical and biopharmaceutical drug development applications.
“These funds will enable us to build additional AI-based products within and outside of oncology, deliver these products to laboratories and clinicians globally, and invest in our talent across engineering and commercial functions.”
In July 2020, Paige has received the FDA 510(k) approval for its digital pathology image viewer FullFocus, for primary diagnosis.