Ibex Medical Analytics Secures $10M Funding from Kreos Capital

Kreos Capital, a leading growth debt provider, invests $10 million to accelerate Ibex's AI deployments and new customers, paving way for further expansions

TEL AVIV, Israel, Nov. 9, 2022 /PRNewswire/ --  Ibex Medical Analytics (Ibex), the leader in AI-powered cancer diagnostics, today announced it had secured $10 million in funding from Kreos Capital.

The announcement follows a major expansion of Ibex's commercial footprint over the past few months. Ibex recently signed several major contracts, including an expansion of its AI deployment at Medipath, the largest network of private pathology labs in France, and another expansion at a major pan-European diagnostics provider. Ibex has also seen a series of new customer wins across multiple geographies, as well as the deployment of its Galen™ AI platform for routine use at a major US health system.

Ibex will use the new resources to strengthen and expand its US team and support new customer deployments, fueling further business growth. The company will also accelerate R&D initiatives, focusing on adding new applications to the Galen platform to enable new tissue diagnostics and automated biomarker quantification, and enhancing collaboration with leading digital pathology providers.  

Galen, the first and most widely deployed AI technology in pathology, is used in routine clinical use at laboratories, hospitals and health systems worldwide and supports pathologists across numerous diagnostic tasks during the review of breast, prostate, and gastric biopsies. Galen demonstrated outstanding outcomes across clinical studies performed in multiple pathology labs and diagnostic workflows, improving the quality of cancer diagnosis, reducing turnaround time, boosting productivity, and improving user experience for pathologists^1,2,3,4,5.

"The recent milestones we have accomplished demonstrate our continued commitment to providing every patient with an accurate, timely and personalized cancer diagnosis powered by our AI technology," said Joseph Mossel, CEO and Co-founder of Ibex Medical Analytics. "This latest funding from Kreos Capital validates our prominence in the market and will further fuel our growth in line with our commercial successes, strong product road-map and ability to execute across multiple markets."

The funding comes as an addition to Ibex's $52 million funding to date, with investors including Octopus Ventures, 83North, aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital.

Aris Constantinides, General Partner of Kreos Capital commented, "We are proud to be able to support the Ibex team in their endeavors to transform cancer diagnosis with AI. Ibex's commercial success in the digital pathology and AI market, their growing installed base and ability to drive adoption with customers, together with significant strides the company has made in developing their product offering, position Ibex as leaders in one of the fastest growing segments of healthcare technology."

About Ibex Medical Analytics

Ibex Medical Analytics (Ibex) is transforming cancer diagnostics with world-leading, clinical grade AI-powered solutions, empowering physicians to provide accurate, timely and personalized cancer diagnosis for every patient. Our Galen™ suite of solutions is the first and most widely deployed AI-technology in pathology and used as part of everyday routine, supporting pathologists and providers worldwide in improving the quality and accuracy of diagnosis, implementing comprehensive quality control, reducing turnaround times and boosting productivity with more efficient workflows. Ibex's Artificial Intelligence technology is built on Deep Learning algorithms trained by a team of pathologists, data scientists and software engineers. For additional company information, please visit https://ibex-ai.com/ and follow us on LinkedIn and Twitter.

About Kreos Capital

Kreos Capital is the leading growth debt provider in Europe and Israel, backing high-growth companies through every stage of their life-cycle. Kreos targets investments in all areas of the Technology and Healthcare sectors and, to date, has committed €4.7 billion in more than 740 portfolio company transactions, across 18 countries. With over €2.0 billion in current funds under management Kreos can invest between €2 million and €100 million per transaction in both public and private companies across all stages. https://kreoscapital.com/   

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[1] Pantanowitz et al., An artificial intelligence algorithm for prostate cancer diagnosis in whole slide images of core needle biopsies: a blinded clinical validation and deployment study, THE LANCET Digital Health Aug 2020

[2] Vincent-Salomon et al., A Multi-Feature AI-Based Solution for  Cancer Diagnosis in Breast Biopsies: A Prospective Blinded Multi-Site Clinical Study, European Congress of Pathology 2021  

[3] Comperat et al., Clinical Level AI-Based Solution for Primary Diagnosis and Reporting of Prostate Biopsies in Routine Use: A Prospective Reader Study, European Congress of Pathology 2021

[4] Raoux et al., Novel AI-Based Solution for Supporting Primary Diagnosis of Prostate Cancer Increases the Accuracy and Efficiency of Reporting in Clinical Routine, USCAP 2021

[5] Sandbank et al., Validation and Clinical Deployment of an AI-Based Solution for Detection of Gastric Adenocarcinoma and Helicobacter pylori in Gastric Biopsies, USCAP 2022

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SOURCE Ibex Medical Analytics