BOSTON, May 18, 2021 /PRNewswire/ -- PathAI, a global provider of artificial intelligence-powered technology for pathology, announced today the closing of its $165 million Series C financing. PathAI will deploy its new capital to accelerate product development while continuing to prioritize the improvement of patient outcomes with reliable AI-powered technology and meaningful collaboration with pharmaceutical and diagnostic partners.
The funds will expand the PathAI product suite and commercial footprint to enhance the full lifecycle of the drug development process from translational and exploratory research to global commercialization. PathAI will further develop a broad menu of AI-based pathology offerings for biopharma into disease indications beyond oncology and NASH while also developing a scalable workflow platform for CROs and reference lab partners.
This Series C financing round was co-led by D1 Capital Partners and by Kaiser Permanente, one of America's leading health care providers and not-for-profit health plans. Other investors included General Atlantic, Tiger Global Management, 8VC, Adage, Biospring Partners, General Catalyst, KdT Ventures, Polaris Partners, Refactor Capital and strategic partners Bristol-Myers Squibb Company, Labcorp and Merck Global Health Innovation Fund (GHI).
"We are thrilled to be partnering with D1 Capital Partners and Kaiser Permanente to drive continued progress on our mission to improve patient outcomes with AI-powered pathology," said Andy Beck, MD, PhD, PathAI co-founder and Chief Executive Officer.
PathAI co-founder and Chief Technology Officer, Aditya Khosla, PhD, noted, "These new funds will enable new platform and product investments as we continue to scale our integrated technology platform for building solutions to support drug development and diagnostics."
Daniel Sundheim, founder of D1 Capital Partners, noted, "We have been following PathAI's journey and have been impressed by their growth and the impact they have made in the industry. We are excited to support their mission as they continue to expand their research in diagnostic development and AI- powered pathology."
PathAI is a leading provider of AI-powered technology for pathology. PathAI's platform promises substantial improvements to the accuracy of diagnosis and the efficacy of treatment of diseases like cancer, leveraging modern approaches in machine and deep learning. Based in Boston, PathAI works with leading life sciences companies and researchers to advance precision medicine. To learn more, visit pathai.com.
About D1 Capital Partners
D1 Capital Partners is a global investment firm that operates across public and private markets. The firm combines the talent and operational excellence of a large, premier asset management firm with the flexible mandate and long-term time horizon of a family office. Founded in 2018 by Daniel Sundheim, D1 focuses on investing in the global internet, technology, telecom, media, consumer, healthcare, financial, industrial, and real estate sectors.
About Kaiser Permanente
Kaiser Permanente is committed to helping shape the future of health care. We are recognized as one of America's leading health care providers and not-for-profit health plans. Founded in 1945, Kaiser Permanente has a mission to provide high-quality, affordable health care services and to improve the health of our members and the communities we serve. We currently serve 12.4 million members in 8 states and the District of Columbia. Care for members and patients is focused on their total health and guided by their personal Permanente Medical Group physicians, specialists, and team of caregivers. Our expert and caring medical teams are empowered and supported by industry-leading technology advances and tools for health promotion, disease prevention, state-of-the-art care delivery, and world-class chronic disease management. Kaiser Permanente is dedicated to care innovations, clinical research, health education, and the support of community health.