PathAI Raises $60M in Quest to Be AI Assistant in the Exam Room
AI-for-disease-diagnosis startup PathAI closed a $60 million Series B round led by New York-based growth equity investor General Atlantic to improve its “pathology research platform” and fuel development into “new tools and medical devices.”
PathAI partners with pharmaceutical companies and diagnostic laboratories to develop tools to aid doctors diagnose diseases in patients and help physicians target the best therapeutic for treatment. Its partners include Philips (NYSE: PHG), Bristol-Myers Squibb (NYSE: BMY), and the Bill and Melinda Gates Foundation.
Machine learning tools have already shown progress in making medical diagnoses more accurate. In February, researchers in the US and China reported that machine learning classifiers looking at electronic health records could provide help to physicians to spot patterns in symptoms and hit accuracy levels at or better than some doctors, according to the paper in the journal Nature. Currently, about 12 million adults in the US are misdiagnosed in clinics each year.
The headcount at the Boston startup has jumped from 25 to 60 in the past year, it says, as it invests in machine learning and product development. Boston venture capital firm General Catalyst, which led PathAI’s $11 million Series A in November 2017, also joined in the round with other previous investors. Other PathAI past investors include Refactor Capital, Eight Partners, Pillar, Danhua Capital, and KdT Ventures.
“The positive—and global—impact of getting this right cannot be overstated,” General Catalyst managing director David Fialkow said in a press release. “We think this is the team that has all the potential to bring these game-changing solutions to market.”
General Atlantic managing director Michelle Dipp is joining PathAI’s board as part of the investment.
PathAI co-founder and CEO Andy Beck said in a press release the company’s goal has been to “ensure patients get the right diagnosis and the most effective treatment.”
“The global network and deep expertise in technology and life sciences brought by General Atlantic, alongside the continued support of existing investors like General Catalyst, can only enhance our ability to effect change toward this major, impactful objective,” he added.