PathAI Announces Strategic Investment from LabCorp
Growing Relationship Between PathAI and LabCorp Will Help Advance the Clinical Development of Artificial Intelligence for Use with Digital Pathology
Boston, Massachusetts – PathAI, a global provider of artificial intelligence-powered technology for use in pathology research, announced today that it has secured an investment from LabCorp, a leading global life sciences company that is deeply integrated in guiding patient care through its comprehensive clinical laboratory and end-to-end drug development services. The investment signals a growing relationship between the companies, who are also collaborating on potential clinical applications for PathAI’s technology. The relationship will support PathAI’s efforts to expand clinical development of artificial intelligence-enabled computational pathology and advance its eventual integration with clinical laboratories.
“It’s great to have such a strong alliance with forward-thinking leaders in this industry like LabCorp,” PathAI co-founder and Chief Executive Officer Andy Beck M.D., Ph.D., said. “As we continue to build on our early success in research toward faster and more accurate diagnosis and treatment of disease, our relationship with LabCorp could help bring these efforts to the market – and more importantly, to patients – more quickly and broadly.”
“PathAI’s technology is impressive, but more impressive has been PathAI’s vision for the future of anatomic pathology,” said Marcia Eisenberg, Ph.D., Chief Scientific Officer for LabCorp Diagnostics. “By working closely with companies like PathAI, we believe we can accelerate the promise of digital pathology and deliver faster and more accurate diagnoses, more effective treatments, and improved safety and outcomes for patients helping to fulfill our mission to improve health and improve lives.” LabCorp’s investment follows a $60 million round of funding into PathAI announced last month, led by global growth equity firm General Atlantic and venture capital firm General Catalyst. Further details about LabCorp’s investment are not being disclosed.
PathAI is a leading provider of AI-powered research tools and services for pathology. PathAI’s platform promises substantial improvements to the accuracy of diagnosis and the efficacy of treatment of diseases like cancer, leveraging modern approaches in machine and deep learning. Based in Boston, PathAI works with leading life sciences companies and researchers to advance precision medicine. To learn more, visit pathai.com.
LabCorp (NYSE: LH), an S&P 500 company, is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. With a mission to improve health and improve lives, LabCorp delivers world-class diagnostic solutions, brings innovative medicines to patients faster, and uses technology to improve the delivery of care. LabCorp reported revenues of more than $11 billion in 2018. To learn more about LabCorp, visit www.LabCorp.com.