Salt Lake City tech startup PathologyWatch raises $25M to advance AI-driven skincare research and improve skin cancer diagnostics
Did you know that skin cancer is the most common cancer in the United States and worldwide? According to data from SkingCancer.org, more than two people die of the disease every hour and more than 9,500 people in the United States are diagnosed with skin cancer every day.
The good news is that when detected early, the 5-year survival rate for skin cancer is 99 percent. That’s where PathologyWatch comes in, a Salt Lake City-based tech startup that is radically improving skin cancer diagnostics for dermatologists. PathologyWatch is revolutionizing pathology using AI-Driven skincare research and diagnostics.
Today, PathologyWatch announced it has raised $25 million in Series B financing with participation from Ceros Capital Markets, Rock Creek Capital, SpringTide, Spark Growth Ventures, Blueprint Health, Blackbrook Management Group, and existing investors.
The startup said it will use the funding proceeds to broaden its outreach to dermatologists and conduct further research into skincare diagnostics and AI — allowing patients to receive faster diagnoses and more equitable access to dermatopathology services while enabling labs to work more efficiently and cost-effectively. Additionally, the funding will support operations as the business expands across the country, adding new labs in Texas, Florida, and Arizona.
Founded in 2017 by Daniel Lambert, Gregory Osmond, and Michael Torno, PathologyWatch provides fully interfaced EMR reporting and 24/7 access to digital slides for dermatology clinics. For their clients, this means more efficient workflows and direct access to leading dermatopathologists across the country, with broad insurance coverage.
“We are honored that of all the digital dermpath labs available, dermatologists are increasingly choosing to partner with us,” said Dan Lambert, PathologyWatch CEO and cofounder. “As digital dermatopathology continues to grow, it has the potential to reduce the costs of pathology by billions while creating better patient care for everyone across the country. We’re thrilled to be winning so much volume so quickly.”
PathologyWatch works with dermatology practices to manage their pathology workflow using a digital model. Since its inception four years ago, PathologyWatch has successfully integrated laboratory information systems, scanners, digital viewer technology, and EMRs into an end-to-end solution for dermatologists.
“PathologyWatch has been disruptive to the market and is digitally transforming the industry in unprecedented ways,” said Mark Goldwasser, CEO of Ceros. “With the need for remote health services during Covid, the distributed network of top-tier dermatopathologists alongside a digital viewer that can be accessed anytime and anywhere could not have come at a more fortuitous time.”
“For a dermatology practice to send nearly all skin biopsy volume for cancer diagnosis to PathologyWatch is a no-brainer,” said Austin Walters, founder and managing partner at SpringTide. “The company has worked hard to create a service that outperforms every other from both cost and quality perspectives.”