< + > Ibex Raises $55 Million in Series C Funding to Drive Global Adoption of AI for Cancer Diagnosis

Led by 83North, This Round of Financing Brings Total Funding to Over $100 Million

Ibex Medical Analytics (Ibex), the leader in AI-powered cancer diagnostics, today announced it has closed a $55 million Series C financing round led by 83North. Additional participants in the round were Sienna Venture Capital and existing investors in the company, Octopus Ventures, aMoon, Planven Entrepreneur Ventures, and Dell Technologies Capital. The financing brings total funding to over $100 million since Ibex’s inception in 2016.

Ibex is transforming cancer diagnostics with AI-powered solutions that help pathologists improve the quality of diagnosis and support laboratories with enhanced efficiency and better turnaround times. Cancer incidence is rising around the world while its diagnosis becomes more complex and nuanced, causing heavy workloads for pathologists and laboratories. The increasing demand is compounded by a global shortage of pathologists who still rely heavily on manual work and solely on visual analysis of biopsies. Ibex’s Galen platform helps overcome these challenges with AI-powered workflows and decision-support tools that pathologists use in their everyday practice.

“Ibex is leading the market in live customer deployments as we remain steadfast in our mission of providing every patient with a timely, accurate, and personalized cancer diagnosis,” said Joseph Mossel, Co-Founder and CEO at Ibex. “This latest financing round will enable us to take major steps toward reaching our goal. We will be using the funds to expand our footprint in the United States to meet the increasing demand for AI-powered diagnostic solutions and to accelerate the growth of our product portfolio to create more tools for pathologists and labs as they digitally transform their practices. This financing round highlights our strong commercial momentum and our tenacity in pursuing the opportunities that lie ahead.”

Ibex’s Galen platform is the most widely deployed AI technology in pathology and has been deployed in laboratories and pathology departments around the world. Ibex achieved several significant milestones recently, including the live deployment of Galen at the University of Pittsburgh Medical Center (UPMC), the completion of the national rollout throughout Wales, and collaboration with AstraZeneca and Daiichi Sankyo for the development of an AI-powered biomarker scoring product for breast cancer. Galen provides health systems and diagnostic laboratories with an integrated solution for cancer diagnosis and biomarker scoring, capable of detecting more the 100 different cancer and non-cancer pathologies while offering enhanced interoperability with scanning systems, image management solutions, and lab information systems. Ibex was recently showcased in a KLAS Research report which provided consistently favorable feedback from global customers.

“Our continued investment in Ibex is a testament to the company’s progress in recent years, bringing its unparalleled technology to laboratories, hospitals, and digital pathology networks worldwide, catapulting the industry into an AI-powered era,” added Gil Goren, Partner at 83North and Board Director at Ibex. “Ibex’s successful deployments demonstrate its responsiveness to market and customer needs, while its product portfolio continues to grow and meet new market demands. We are eager to see Ibex forge the way with new uses of AI in cancer diagnosis, supporting providers as they work to improve patient care and outcomes.”

About Ibex Medical Analytics

Ibex Medical Analytics (Ibex) is transforming cancer diagnostics with world-leading, clinical-grade AI-powered solutions, empowering physicians to provide accurate, timely, and personalized cancer diagnosis for every patient. Our Galen™ suite of solutions is the first and most widely deployed AI technology in pathology and is used as part of everyday routine, supporting pathologists and providers worldwide in improving the quality and accuracy of diagnosis, implementing comprehensive quality control, reducing turnaround times, and boosting productivity with more efficient workflows. Ibex’s Artificial Intelligence technology is built on Deep Learning algorithms trained by a team of pathologists, data scientists, and software engineers. For additional company information, please visit ibex-ai.com and follow us on LinkedIn and Twitter.

The Galen™ platform includes certain solutions that are CE-marked and registered with the UK MHRA. The solutions are for Research Use Only (RUO) in the United States and are not cleared by the FDA. For more information, including indication for use and regulatory approval in other countries, contact Ibex Medical Analytics.

Originally announced September 6th, 2023

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< + > Bonus Features – September 24, 2023 – 72 percent of patients say affordability is the biggest challenge for paying medical bills

Welcome to the weekly edition of Healthcare IT Today Bonus Features. This article will be a weekly roundup of interesting stories, product announcements, new hires, partnerships, research studies, awards, sales, and more. Because there’s so much happening out there in healthcare IT we aren’t able to cover in our full articles, we still want to make sure you’re informed of all the latest news, announcements, and stories happening to help you better do your job.

News and Studies

• The American Telemedicine Association released three tools aimed at addressing disparity and inequity in care: Digital Infrastructure Disparities Score and Map, Economic and Social Value-Added Calculator, and a toolkit including all previously released resources.
• Collaborations between AI vendors and biotech/pharma companies over the last five years are worth more than $45 billion, according to a recent report from Accenture. Over the same time period, investment in AI-powered drug discovery start-ups grew by $840 million.
• Medicare Advantage costs are 12% lower than similar beneficiaries covered under fee-for-service Medicare, according to research from Inovalon and Harvard Medical School. Additionally, those who enroll in FFS Medicare see a 35% increase in utilization in their first two years on Medicare compared to the two prior years, while utilization is stable over a similar timeframe for MA enrollees.
• While 57% of doctors think patients miss appointments due to insurance issues, and 34% think it’s lack of access to appointments, a Tebra survey found the real reasons that patients skip appointments are work conflicts, not feeling well, and facing transportation issues.
• Nearly three in four (72%) patients say affordability is the biggest challenge to paying larger healthcare bills, according to a survey from Cedar. Another 47% said their well-being or ability to heal from a medical procedure has been negatively impacted by trying to pay a large bill.
• Commercial payers lag behind Medicare in covering nearly all aspects of digital medicine, and coverage policies are inconsistent and not transparent, according to an American Medical Association report. When digital services are available, they’re often disconnected from primary care.

Partnerships

• Carium is using Amazon Bedrock to incorporate AI into virtual care management, with a focus on risk stratification, care gaps, and data summaries.
• Risk management vendor Censinet, KLAS Research, the AHA, and others are launching Wave 3 of The Healthcare Cybersecurity Benchmarking Study.
• Zscaler integrated with Imprivata OneSign and CrowdStrike Falcon to support organizations transitioning to zero trust architecture.

Product and Company News

• Oracle Health announced several generative AI features, including a clinical digital assistant and patient self-service tools. Also, Oracle Health is collaborating with Valeos, providing access to EHR data and cloud infrastructure to modernize the organ transplant system.
• Data analytics platform Arcadia launched a point-of-care generative AI assistant to improve risk factor documentation.
• Drummond Group unveiled FHIR Client Certification Program, which will enter its pilot phase on Oct. 1.
• Healthcare marketplace Zocdoc launched Zocdoc Practice Solutions to support practices with online scheduling, patient intake, and virtual care services.
• Hospital operations software maker symplr launched a survey management tool.
• ModMed added maternal fetal medicine capabilities to its EHR suite for OBGYNs.
• ClosedLoop launched two data science tools: ACO-Predict for risk stratification and Evaluate for population health program monitoring.
• Advisory firm AVIA launched AVIA AI Labs for developing, testing, and releasing AI-driven experiments.
• Biofourmis expanded Digital Clinical Trials to include data management automation and integration of clinical trial documentation.
• Workflow and analytics vendor Reveleer extended its Prospective Risk Adjustment and Quality Improvement suites to risk-bearing providers.
• Metriport launching its Medical API, an open-source platform for retrieving clinical history from major EHR systems.
• Medication management company Medisafe launched Rapid Release to enable organizations to roll out digital patient engagement tools in 90 days.
• Virtual observation technology vendor MedSitter rebranded as Collette Health.
• Remote monitoring improved blood pressure collection for patients with postpartum hypertension, compared to monitoring in-person, and eliminated racial disparities observed in office BP collection, according to a study from Babyscripts.
• Combining remote cognitive behavioral therapy with in-home VR sessions is effective in reducing pain and behavioral health conditions in patients with chronic cervical and lumbar pain, according to a study from Harvard Medtech.

Sales

• Home infusion therapy provider KabaFusion selected Inovalon ScriptMed Infusion cloud-based pharmacy management software.
• Patient engagement platform MediKarma will be licensed to FloridaMed Health Network and CareNational Health System.
• The United States Department of Veteran Affairs expanded its use of CirrusMD to provide VA Health Chat in four additional states.
• Rocky Mountain Regional VA Medical Center expanded its use of CliniComp EHR to include behavioral health.
• Ohio-based Wayne HealthCare implemented Infor for cloud-based ERP and integrated the application with its existing EHR.
• Nebraska-based Bryan Health chose KeyCare for Epic-integrated virtual care.
• California’s Montage Health selected Cadence to power its at-home patient monitoring service.
• California’s Health Plan of San Joaquin chose ZeOmega Jiva to support care management of Medi-Cal (Medicaid) members.
• Pennsylvania’s Mount Nittany Medical Center chose InsightRX to optimize pharmacist workflows.
• Primary Plus chose Accelecom for fiber connectivity across its 10 locations in Eastern Kentucky.

People

• Drug data and analytics company Kalderos appointed Angie Franks as Chief Executive Officer. In addition, Kalderos refreshed Commercial Discount Monitoring to include a proprietary 340B validation set.
• Patient access vendor ABOUT Healthcare announced Jonathan Shoemaker as CEO. He replaces Angie Franks, the new CEO at Kalderos, who will also remain on ABOUT’s Board of Directors.
• Real-world data vendor OM1 appointed Shawn Bates as Chief Commercial Officer.
• Kidney care management vendor Interwell Health appointed Adriana Day as Chief Financial Officer.
• Health payment account provider Paytient added David Smith as Senior Director of Strategic Partnerships.
• The Health Care Payment Learning & Action Network added Susan Dentzer, President and CEO of America’s Physician Groups, to its Accountable Care Action Collaboration. HCPLAN also added the advocacy group Accountable for Health.

If you have news that you’d like us to consider for a future edition of Healthcare IT Today Bonus Features, please submit them on this page. Please include any relevant links and let us know if news is under embargo. Note that submissions received after the close of business on Thursday may not be included in Bonus Features until the following week.