Paige pings investors for extra series B cash

Paige, a US-based cancer pathology software spinout of Memorial Sloan Kettering Cancer Center, extended its series B round to $70m today with commitments from investment bank Goldman Sachs and Healthcare Venture Partners.
Goldman Sachs’ Merchant Banking Division invested $15m, while Healthcare Venture Partners provided $5m. The latter had made a $10m lead investment in the $45m first tranche in December 2019, before Goldman Sachs added $5m in April 2020.
The initial series B close last year also featured Brey Capital, private investor Kenan Turnacioglu and undisclosed funds.
Founded in 2018, Paige applies image recognition to digitised pathology slides as part of a suite of software tools intended to assist primary cancer diagnosis.
The company will initially target pathology labs with its software but has longer-term plans for a wider range of applications that incorporate clinical data such as genomic testing and health records.
The series B funding is anticipated to assist its strategy, including industry partnerships around digital pathology in diagnostics and clinical trial settings.
David Castelblanco, managing director at Goldman Sachs, had joined the board of directors with the previous series B tranche.
Leo Grady, chief executive of Paige, told GUV: “The past year has underscored the need for pathology to adopt a digital workflow.
“As hospitals and labs look for solutions, they are seeing Paige as uniquely positioned: providing an enterprise solution for digital pathology images across sites and scanners while leveraging advanced cancer detection and characterisation solutions to provide additional information to the pathologist during diagnosis.”
Paige previously secured $25m in a 2018 series A round co-led by Jim Breyer on behalf of Breyer Capital and Julian Robertson, founder of investment firm Tiger Management.
Thomas Fuchs, head of Memorial Sloan’s research into computational pathology, is a member of the spinout’s founding team.
– Feature image courtesy of Paige