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London-based Octopus Ventures and 83North back cancer diagnostics AI startup from Israel in £27.3M funding round

The London-based most prominent venture capital firm, Octopus Ventures and 83North recently backed the AI-powered cancer diagnostics startup from Israel – Ibex Medical Analytics – in a £27.3 million Series B funding round. 

Along with Octopus Ventures and 83North, the round was also supported by aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital, the corporate venture arm of Dell Technologies, totaling £37.4 million funding to Ibex Medical.

Pandemic disruptions created a backlog for cancer screening for more than 2 million people. The shortage of pathologists resulted in inaccuracy and misdiagnosis of cancer.

AI-powered cancer diagnosis from Ibex Medical Analytics provides a clinical-grade diagnosis for breast and prostate cancer patients. It enables the use of AI technology in routine clinical practice and AI tools for precision medicine in Oncology.

“The Ibex team has successfully translated a rich collection of digital pathology data assets and deep learning technology into clinical-grade products that excel in studies and already deliver value to patients. We look forward to partnering with the leadership team at Ibex as the company continues its journey to transform cancer diagnosis,” said Will Gibbs, an early-stage health investor at Octopus Ventures, who will be joining the Ibex Board as part of this funding round. “The Ibex platform has the potential to deliver meaningful changes to parts of the cancer pathway that have historically been neglected but are critical to improving outcomes for the most common cancer types, but this is quickly changing.”

“We continue to be impressed with Ibex’s progress since the previous investment round, making a meaningful impact on cancer diagnosis globally,” said Gil Goren, General Partner at 83North and an Ibex Board member. “In a relatively short amount of time, Ibex has proven its utility to users, making AI a key driver in their decision to go digital. We are proud of the company’s achievements and look forward to the next phase in the company’s continued growth.”

Ibex Medical Analytics will use the investment to support labs and medical systems in Europe & North America. The company will use the fund for enhancing the Galen Platform with a better cancer diagnosis for different tissue types and cancer markers. Ibex will use the fund for talent upbringing in R&D, clinical and commercial teams for AI applications.

The post London-based Octopus Ventures and 83North back cancer diagnostics AI startup from Israel in £27.3M funding round appeared first on UKTN (UK Tech News).

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