On Tuesday, Ibex Medical Analytics made an important announcement. According to this announcement, the startup raised $38 million in funding. As a reminder, an Israel-based startup is working on a product suite for clinical decision-making and pathology laboratory workflows. Let’s have a look at its AI-powered cancer diagnostic platform.
It is worth mentioning that, the global big data analytics market for health care was valued at $16.87 billion in 2017. Moreover, the market is evolving and it is not surprising that companies are willing to invest in this business. Thanks to big data analytics it is possible to reduce costs by more than 25% in the coming years. It means health care organizations should pay more attention to this business.
Importantly, better diagnosis and disease predictions, assisted by AI as well as analytics, can lead to cost reduction by decreasing hospital readmission rates, among other factors.
Ibex Medical Analytics and main findings
Ibex Medical Analytics as well as other companies are working hard to reach positive results. Interestingly, Ibex has to compete with Paige, PathAI, and ContextVision, among others. Joseph Mossel and Dr. Chaim Linhart founded this startup.
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The Israel-based startup offers an AI solution that operates as a “safety net” for pathologists and patients. Interestingly, biopsies undergo an AI second read, where the AI provides a “second option”. That option enables the automated detection of diagnostic errors-first and foremost missed cancers.
Moreover, Ibex’s AI serves as a decision support tool during primary diagnosis. As a result, pathologists have the opportunity to take advantage of the predictions offered by the algorithm.
There is no shortage of challenges. For example, a global increase in cancer cases, an aging population. Moreover, new opportunities when it comes to personalized medicine resulted in increases in the complexity of pathology diagnostics. Furthermore, the number of pathologists around the world is decreasing and it will be harder to deal with challenges.
It is worth methionine that the main partner of Ibex Medical Analytics is Maccabi Healthcare Services. As a reminder, it is the second-largest provider in Israel. Furthermore, Maccabi Healthcare Services owns one of the largest digitized clinical datasets in the world.
Interestingly, after the latest round, the company raised $52 million since its inception in 2016 as part of the Kamet Ventures incubator. The company has the potential to reach even better results. Thanks to its AI-powered cancer diagnostic platform it will be easier to solve many problems.