Total amount raised
$90.2 Million
Latest funding date
11/1/2019
Location
PathAI has successfully raised funding over six rounds, with the latest being a Debt Financing round. The company is backed by 19 investors, including General Atlantic and LabCorp.
PathAI has also made strategic moves, such as acquiring Poplar Healthcare, and was itself acquired by Quest Diagnostics. Keep reading to explore the intricacies of PathAI's fundraising journey and the investors backing this innovative platform.
What Is PathAI?
PathAI, based in Boston, Massachusetts, operates within the Biotechnology, Health Care, and Health Diagnostics industries. The company employs between 101-250 people and focuses on developing technology to assist pathologists in making accurate diagnoses.
PathAI's mission is to improve patient outcomes through AI-powered pathology. Their digital pathology platform, AISight, is used by leading laboratories and research centers for case management, image management, and AI applications. The company collaborates with biopharma and pathology laboratories to enhance biomarker discovery and drug development.
How Much Funding Has PathAI Raised?
- Seed Round
- Amount Raised: USD 4,200,000
- Date: December 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial AI-powered pathology technology and validate its potential in the market.
- Series A
- Amount Raised: USD 11,000,000
- Date: November 2017
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate the development of the AI pathology platform.
- Series B (April 2019)
- Amount Raised: USD 60,000,000
- Date: April 2019
- Lead Investors: General Atlantic
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance offerings, improve the pathology research platform, and fuel R&D into new tools and medical devices.
- Series B (November 2019)
- Amount Raised: USD 15,000,000
- Date: November 2019
- Lead Investors: LabCorp
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop AI capabilities and expand market reach.
- Series C
- Amount Raised: USD 165,000,000
- Date: May 2021
- Lead Investors: D1 Capital Partners, Kaiser Permanente
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance AI-driven pathology solutions.
- Debt Financing
- Amount Raised: USD 100,000,000
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and strategic acquisitions.
Total Amount Raised: USD 405,200,000. Current Valuation: Not publicly disclosed.
Key Investors
- General Atlantic
- Details: General Atlantic is a leading global growth equity firm that provides capital and strategic support for growth companies. Established in 1980, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers.
- Investment Focus Areas: Technology, healthcare, financial services, consumer, life sciences, climate, sustainable infrastructure.
- Notable Investments: Airbnb, Alibaba, Uber.
- General Catalyst
- Details: General Catalyst is a venture capital firm with approximately $5 billion raised to date. The firm makes early-stage and transformational investments, backing entrepreneurs with the potential to build market-leading technology companies.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Stripe, Snap, Warby Parker.
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. The firm focuses on identifying high-quality businesses with strong growth potential.
- Investment Focus Areas: Technology, healthcare, financial services, consumer.
- Notable Investments: Not publicly disclosed.
- Kaiser Permanente
- Details: Kaiser Permanente is a leading healthcare provider and not-for-profit health plan in the United States. The organization focuses on providing high-quality, affordable healthcare services and improving the health of its members and communities.
- Investment Focus Areas: Healthcare, health technology, wellness.
- Notable Investments: Not publicly disclosed.
- LabCorp
- Details: LabCorp is a global life sciences company that provides comprehensive clinical laboratory and end-to-end drug development services. The company is known for its extensive network of laboratories and its commitment to advancing healthcare.
- Investment Focus Areas: Healthcare, diagnostics, drug development.
- Notable Investments: Not publicly disclosed.
What's Next for PathAI?
PathAI stands at the cusp of significant growth opportunities, driven by its AI-powered pathology technology. The company aims to enhance its offerings and expand partnerships with global pharmaceutical companies and diagnostic laboratories. This expansion is expected to drive continuous improvement in their pathology research platform and fuel the development of new medical devices.
Future fundraising opportunities appear promising, given the successful Series B funding round and the involvement of high-profile investors like General Atlantic and General Catalyst. These investors' confidence suggests that PathAI may pursue additional funding rounds to support its ambitious growth plans.
However, PathAI faces challenges such as navigating regulatory requirements for new medical devices and maintaining the accuracy and reliability of its AI-powered platform. The company must also stay ahead of rapid advancements in AI and machine learning technologies to remain competitive in the emerging digital pathology industry.
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