Ibex Medical Analytics Secures $55 Million Series C Funding for AI Cancer Diagnostics

Israeli AI startup, Ibex Medical Analytics, closed a $55 million Series C funding round led by 83North, with participation from Sienna Venture Capital, Octopus Ventures, aMoon, Planven Entrepreneur Ventures, and Dell Technologies Capital.

Ibex is revolutionizing the field of cancer diagnostics by leveraging AI technologies that assist pathologists in delivering more accurate and timely diagnoses. The company's Galen platform addresses the increasing complexity in cancer diagnosis and the growing workload on pathologists, offering AI-powered workflows and decision-support tools that are becoming integral to modern pathology practices.

The new funding round will fuel the development of the startup's product suite, offering more tools to pathologists and labs as they undergo digital transformation.

Their Galen platform, powered by Deep Learning algorithms, has been implemented in labs and pathology departments globally and has achieved several key milestones, including live deployment at the University of Pittsburgh Medical Center (UPMC) and a national rollout in Wales. The platform also facilitates collaborations with pharmaceutical giants like AstraZeneca and Daiichi Sankyo for AI-powered biomarker scoring in breast cancer.

The Galen platform includes solutions that are CE marked and registered with the UK MHRA for research use only (RUO) in the United States.

Ibex's last round was in 2021 when it raised $38 million for its Series B funding round, led by 83North (again) and Octopus Ventures. The latest funding round brings the startup's total funding raised to $107 million (StartupHub.ai data). Ibex was founded by Joseph Mossel and Chaim Linhart in 2017.