Paige AI secures additional $5M Series B funding from Goldman Sachs to transform the diagnosis and treatment of cancer
Back in March, we wrote about Paige AI after the New York City-based startup was selected as one top 100 most innovative artificial intelligence (AI) startups. Paige, builds software to advance diagnosis, treatment and biomarker discovery for cancer.
Today, Paige announced it has received additional $5 million funding from Goldman Sachs Merchant Banking Division, which will be added to the recently announced Series B financing round. This brings Paige’s Series B funding round to over $50 million and the company’s total raised capital to over $75 million.
Paige will use this new capital to further develop the company’s diagnostic and test products for the biopharma industry, while strengthening its leadership position in clinical AI for pathologists and development of the Paige platform for remote viewing and routine clinical practice. Additionally, Paige has added David Castelblanco, Managing Director at Goldman Sachs, to its Board of Directors. David brings with him a wealth of experience as an investor and board member working with leading cancer treatment centers internationally.
Why is this important? As of now, pathologists do NOT have the ability to work from home. In order to make a cancer diagnosis, right now, pathologists are totally dependent on in-lab equipment, requiring their physical presence in labs and hospitals. Part of why this new influx of cash is coming now is because even in the middle of this pandemic, the fight against cancer is still going and Goldman Sachs is joining Paige because they want to support product development.
Paige was founded in 2017 by Dr. Thomas Fuchs and colleagues from Memorial Sloan Kettering Cancer Center. The Company builds powerful, clinical-grade computational technologies to transform diagnosis, treatment, biomarker discovery and drug development for cancer. With AI positioned to open a new future of cancer care, Paige has created an AI-native ecosystem that enables pathology teams to achieve higher quality, faster throughput and lower cost diagnoses and treatment recommendations.
“We’re thrilled to be working with David Castelblanco and the team at Goldman Sachs as we build our platform and further develop our computational pathology infrastructure,” said Leo Grady, CEO at Paige. “With our new funding and leadership additions, we’ll focus on building network effects based on our clinical-grade digital pathology and AI platform.”
“Paige is transforming pathology and translational research in the cancer field and is working closely with biopharma companies to create custom diagnostic solutions and drug development technologies to improve patient care,” said David Castelblanco. “We look forward to supporting the Company’s important mission of improving cancer care through its AI technology.”
Paige is continuing its mission to accelerate the future of pathology by translating cutting-edge cancer research into solutions that help physicians and patients arrive at an accurate diagnosis faster and more cost effectively.
“Paige’s leadership is doing a fantastic job in building a stellar team and seizing opportunities in this exciting market,” said Jim Breyer, founder and CEO of Breyer Capital, who invested in both series A and B for the company.
Additionally, Paige accelerates new biomarker discovery and its platform is designed to generate new insights into pathways and drug efficacy. Paige is committed to delivering the technology in a way that integrates seamlessly with hospital and laboratory workflow systems and ensures safety, accuracy, security and data privacy.
Recent company milestones for Paige include the appointment of R. Martin Chavez, a former Goldman Sachs executive to the board, and a partnership with Invicro LLC, a Konica Minolta company, to provide integrated pathology solutions to support pharmaceutical and biotechnology sponsors with their drug discovery and development initiatives.