Start-up raises US$20.7m to ‘advance’ AI-based cancer risk assessments

The US cancer diagnostics start-up PreciseDx has secured US$20.7m in series B funding to “advance” AI-based cancer risk assessments.

The round, which brings the company’s total funding to date to US$31.5m, was led by Eventide Asset Management, with participation from Labcorp, Quest Diagnostics and GenHenn Capital Venture, along with existing investors.

Precise Dx, a spin-out from Mount Sinai, focused on supporting breast and prostate cancer diagnoses but discovered that its AI programmes could also spot the early signs of Parkinson’s disease before severe symptoms appear, according to Fierce Medtech.

The start-up originally trained its AI to analyse the form and structure of cells on biopsied tissue slides and detect the early hallmarks of cancer to help predict a person’s risk of developing a tumour or the chances of having one return after treatment.

According to its developers, the AI platform can help inform, standardise and personalise the diagnosis and management of cancer and other diseases, helping avoid unnecessary treatment and improving patient outcomes.

Eric Converse, founding board member of PreciseDx, said: “Our team continues to advance breast cancer diagnostics by delivering faster, more accurate data, in a cost-efficient method. This allows clinical care teams to make better informed clinical decisions resulting in improved patient outcomes.

“This capital infusion sets the stage for our next phase of continued in-depth clinical trials to validate PreciseBreast in a specific clinical setting and market entry point.”

He added: “Securing Series B funding not only signals PreciseDx’s continued achievements, but also underscores the trust and confidence in the Company’s trajectory.”

Westley Dupray, CFA, research analyst, principal at Eventide, said: “We’re excited about PreciseDx, the milestones accomplished to date, and the potential for improving patient care in the near future.

“We expect this financing will help accelerate the validation process for PreciseBreast™ and its potential to improve patient risk assessments, clinical outcomes, and healthcare efficiency.”