Ibex Closes $55 Million Series C Financing to Drive Global Adoption of AI for Cancer Diagnosis

Ibex Medical Analytics has closed $55 million Series C financing led by 83North and followed by Sienna Venture Capital and existing investors Octopus Ventures, aMoon, Planven Entrepreneur Ventures, and Dell Technologies Capital, bringing total funding to over $100 million since Ibex’s inception in 2016.

Ibex is transforming cancer diagnostics with AI-powered solutions that help pathologists improve the quality of diagnosis and support laboratories with enhanced efficiency and better turnaround times. Ibex’s Galen platform is the most widely deployed AI technology in pathology, providing health systems and diagnostic laboratories with an integrated solution for cancer diagnosis and biomarker scoring, capable of detecting more the 100 different cancer and non-cancer pathologies while offering enhanced interoperability with scanning systems, image management solutions and lab information systems.

Galen has been deployed in laboratories and pathology departments around the world and Ibex achieved several significant milestones recently, including live deployment of Galen at University of Pittsburgh Medical Center (UPMC), the completion of national roll out throughout Wales, and collaboration with AstraZeneca and Daiichi Sankyo for the development of an AI-powered biomarker scoring product for breast cancer.

“Ibex is leading the market in live customer deployments as we remain steadfast in our mission of providing every patient with a timely, accurate and personalized cancer diagnosis,” said Joseph Mossel, Co-Founder and CEO of Ibex. “This latest financing round will enable us to take major steps toward reaching our goal. We will be using the funds to expand our footprint in the United States to meet the increasing demand for AI-powered diagnostic solutions, and to accelerate the growth of our product portfolio to create more tools for pathologists and labs as they digitally transform their practices. This financing round highlights our strong commercial momentum and our tenacity in pursuing the opportunities that lie ahead.”

“Our continued investment in Ibex is a testament to the company’s progress in recent years, bringing its unparalleled technology to laboratories, hospitals and digital pathology networks worldwide, catapulting the industry into an AI-powered era,” added Gil Goren, Partner at 83North and Board Director of Ibex. “Ibex’s successful deployments demonstrate its responsiveness to market and customer needs, while its product portfolio continues to grow and meet new market demands. We are eager to see Ibex forge the way with new uses of AI in cancer diagnosis, supporting providers as they work to improve patient care and outcomes.”