NEW YORK--(BUSINESS WIRE)--Paige, a global leader in AI-based digital diagnostics, today announced a Series C funding round of $100 million to accelerate the Company’s efforts to transform digital pathology by unlocking insights from each patient’s sample so pathologists, care teams and researchers can make decisions more confidently and efficiently to optimize outcomes.
The Series C financing was led by Casdin Capital and Johnson & Johnson Innovation – JJDC, Inc. (JJDC), the strategic venture capital arm of Johnson & Johnson. Existing investors and other funds are also participating in the round.
“Paige is building a transformational portfolio of computational pathology products to serve clinical needs and drive precision medicine,” said Leo Grady, Ph.D., Chief Executive Officer, Paige. “This investment reaffirms the vast potential of the Paige platform for clinical and biopharmaceutical drug development applications. These funds will enable us to build additional AI-based products within and outside of oncology, deliver these products to laboratories and clinicians globally, and invest in our talent across engineering and commercial functions.”
In addition to accelerating the development of AI-based clinical applications, biomarkers and diagnostics, Paige will also invest in sales and marketing efforts to rapidly scale product adoption by hospitals and labs. Accordingly, the Company will further expand by building out its engineering and commercial teams with plans to hire about 70 new employees in 2021, doubling the size of the company.
Eli Casdin, Chief Investment Officer of Casdin Capital, adds: “Bending the mortality curve on cancer is a humbling and critical goal requiring big data, big technology and big talent. Paige combines all three: Robust AI capabilities, access to millions of digital pathology images linked to the key clinical data modalities of imaging, genomic, and clinical/EMR data, and a growing team purpose built to deliver. This is a unique opportunity to transform data into a next generation of cancer diagnostics and therapeutics, with clear application beyond cancer, and we are excited to be joined by JJDC to fuel the company to deliver on this opportunity.”
Paige was founded in 2017 by Thomas Fuchs, Dr.Sc. and colleagues from Memorial Sloan Kettering Cancer Center (MSK). The company builds computational pathology products designed so patients and their care teams can make effective, more informed treatment decisions. With this new class of AI-based technologies positioned to drive the future of diagnostics, Paige created a platform to deliver this novel technology to pathologists to transform their workflow and increase diagnostic confidence and productivity. Paige’s products deliver insights to pathologists and oncologists so they can arrive efficiently at more precise diagnoses for patients. Paige is the first company to receive FDA breakthrough designation for computational pathology products.