Memorial Sloan Kettering Cancer Center’s digital cancer pathology spinout, Paige, has secured an additional $15 million from Goldman Sachs, bringing the company’s total series B haul up to $70 million.
In December, the New York-based startup raised $45 million, led by a $10 million investment from Healthcare Venture Partners—which has since added to its contribution as well, with an extra $5 million. Goldman Sachs’ merchant banking division had previously given $5 million to the company’s efforts.
Since its 2018 founding, Paige has raised over $95 million in capital to help fuel the development of its pathology platform as well as its work with biopharma companies to build custom cancer diagnostics and clinical trial solutions.
“We appreciate the continued recognition and support we’ve received from Goldman Sachs as we gain traction and prove early results in the clinical and biopharma space,” said Paige CEO Leo Grady. In addition, Goldman Sachs Managing Director David Castelblanco was recently named to the company’s board of directors.
“We have been very impressed with the company and its pace of development,” said Castelblanco. “We are excited to increase our commitment to support Leo, Thomas [Fuchs, founder and chief scientific officer] and the Paige team’s transformative work with artificial intelligence and machine learning in the cancer field.”
RELATED: MSKCC-backed digital pathology startup nets FDA breakthrough device designation
In March 2019, Paige netted a breakthrough device designation from the FDA for its AI programs, built on a dataset of four years of scanned slides licensed from MSKCC, where Fuchs serves as director of the cancer center’s computational pathology lab.
Since then, the company received a CE mark for its deep learning software aimed at detecting the signs of prostate cancer. The software spots suspicious areas on a tissue slide and labels them for a pathologist to review in real-time.
In January, Paige partnered with Invicro to help apply its AI to the latter’s imaging biomarkers and lab services for drug discovery and clinical development. Invicro, a Konica Minolta company, will represent Paige’s digital pathology software in the global pharma market.
“We initially invested in Paige recognizing the potential of their products to add significant value to the industry and impact the future of cancer care,” said Jeffrey Lightcap, senior managing director of Healthcare Venture Partners. “After seeing Paige make tremendous progress in such a short period, we added to our investment to further accelerate their growth.”