Ibex Medical Analytics Funding, Investors & Competitors

Ibex Medical Analytics has raised $107M across 4 funding rounds, most recently a $55M Series C in September 2023.

Last Ibex Medical Analytics funding round

$55M

Series C · Sep 2023

Cumulative funding Ibex Medical Analytics raised

$107M

across 4 funding rounds

Key investors in Ibex Medical Analytics

  • Dell Technologies Capital
  • 83North
  • aMoon Fund
  • Octopus Ventures
  • Kamet
  • Planven Entrepreneur Ventures
  • XTX Ventures
  • LIP Ventures Boutique

Ibex Medical Analytics Overview

About Ibex Medical Analytics

Ibex Medical Analytics is a Tel Aviv-based provider of artificial intelligence solutions for digital pathology diagnostics, focusing on prostate, breast, and gastric cancers through its Galen platform. The company secured the first FDA clearance for an AI whole-slide prostate cancer diagnostic tool in 2021 and De Novo authorization for gastric pathology in 2023. Ibex partners with pathology labs worldwide, including Quest Diagnostics and comprehensive cancer centers, to deploy cloud-based AI that assists pathologists in detecting malignancies with improved accuracy and workflow efficiency. Its multidisciplinary team integrates machine learning with clinical expertise.


Founded

2016

HQ

IsraelTel Aviv

Status

Privately held

Customer focus

B2B

Revenue model

Licensing

Ibex Medical Analytics Funding History

Ibex Medical Analytics has raised a total of $107M across 4 funding rounds.

Ibex Medical Analytics' first fundraising round was a $3M seed round in March 2017. The most recent completed round was a $55M Series C in September 2023.

Ibex Medical Analytics funding rounds

Ibex Medical Analytics funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2023Series C83North (lead); Octopus Ventures; aMoon Fund; LIP Ventures Boutique; Sienna Investment Managers; Planven Entrepreneur Ventures; Dell Technologies Capital$55MIbex Medical Analytics is an Israel-based company developing AI-powered cancer diagnostics through its Galen platform, which provides workflows and decision support tools to assist pathologists in analyzing biopsies for breast, prostate, and gastric cancers, improving accuracy and efficiency amid pathologist shortages and rising cancer cases. The platform detects over 100 cancer and non-cancer pathologies, supports treatment plans, and has shown a 29% increase in diagnostic accuracy for breast cancer when used with AI insights, as presented at the European Congress of Pathology. Ibex, founded in 2016, employs around 80 people, with 60 in Israel, and leads in live customer deployments, including major pathology networks in France and the UK. On September 6, 2023, Ibex closed a $55 million Series C funding round led by 83North, with participation from Sienna Venture Capital (also referred to as Sienna Investment Managers), and existing investors Octopus Ventures, aMoon Fund, Planven Entrepreneur Ventures, and Dell Technologies Capital; this brought total funding to over $100 million across multiple rounds. This follows a $38 million Series B in 2021 led by Octopus Ventures and 83North, used for North American and European sales. The funds are allocated to expand Ibex's US footprint to meet demand for AI diagnostic solutions and accelerate product portfolio growth for pathologists and labs undergoing digital transformation. CEO Joseph Mossel highlighted strong commercial momentum, while 83North Partner Gil Goren noted Ibex's progress in global deployments to labs, hospitals, and digital pathology networks. The AI diagnostics market is growing rapidly, projected to reach $93 billion globally in 2023. Ibex positions itself to address US cancer diagnoses exceeding 1.9 million in 2023 and global pathologist shortages through AI augmentation, claiming up to 40% productivity gains.
Mar 2021Series B83North (lead); Octopus Ventures (lead); aMoon Fund; Planven Entrepreneur Ventures; Dell Technologies Capital$38MIbex Medical Analytics is an Israeli AI-powered cancer diagnostics company founded in 2016 as part of the Kamet Ventures incubator, developing clinical-grade solutions like Galen Prostate and Galen Breast to help pathologists detect and grade cancer in biopsies with greater accuracy and efficiency. The company announced a $38 million Series B funding round on March 9, 2021, led by Octopus Ventures and 83North, with participation from aMoon Fund, Planven Entrepreneur Ventures, and Dell Technologies Capital, bringing total funding to $52 million. The investors match the query's description, though the announced date is March 2021 rather than September. Ibex's Galen platform uses AI and machine learning as a pathologist's assistant, marking regions of interest in digitized slides to reduce errors, misdiagnosis, and review time, with deployments in labs worldwide including the largest pathology network in France and LD Path servicing 24 NHS trusts in the U.K. The company collaborates on AI markers for cancer management, prognostic applications, and drug development. Funds from the round support expanding clinical deployments in North America and Europe, hiring in R&D, clinical, and commercial teams, and developing AI tools for additional tissue types and workflow enhancements. Joseph Mossel, CEO and co-founder, emphasized the platform's role in eliminating misdiagnosis and ensuring patient safety, proven in clinical studies and live settings. Will Gibbs from Octopus Ventures, joining the board, highlighted Ibex's translation of digital pathology data and deep learning into valuable clinical products. Gil Goren from 83North noted the company's progress in driving AI adoption in pathology digitization. Ibex operates in a competitive market with peers like Aidoc, Zebra Medical Vision, Kheiron Medical Technologies, and Paige, amid growing FDA clearances for AI tools in imaging and diagnostics.
Mar 2019Series AaMoon Fund (lead); Kamet; 83North; Dell Technologies Capital$11MIbex Medical Analytics, an Israeli computational pathology company based in Tel Aviv, completed an $11 million Series A financing round on March 26, 2019, led by aMoon Fund, with participation from Kamet Ventures (AXA Insurance's investment arm), 83North, and Dell Technologies Capital. The company develops AI-driven systems for cancer diagnosis, with its lead product being a second-read system for prostate core needle biopsies, clinically deployed at Maccabi Healthcare Services and soon internationally in pathology labs. Funds will broaden solutions and global presence, expanding supported tissues and applications. Ibex leverages a unique dataset from Maccabi Healthcare Services, including millions of pathology slides and records from 2.5 million patients, to develop high-accuracy algorithms. It collaborates with leading institutes like UPMC in Pittsburgh and MediPath, France's largest private pathology lab. The technology aims to improve pathology efficiency and accuracy, enhancing patient outcomes in the emerging computational pathology field.
Mar 2017SeedKamet; XTX Ventures$3M-

Who has invested in Ibex Medical Analytics?

9 investors have backed Ibex Medical Analytics across its funding rounds, including Dell Technologies Capital, 83North, aMoon Fund, Octopus Ventures, Kamet and Planven Entrepreneur Ventures.

Lead investors include 83North, Octopus Ventures and aMoon Fund.


Ibex Medical Analytics Investors

Investors in Ibex Medical Analytics by funding rounds participated
InvestorHQRoundsRoleFirst check
aMoon FundIsraelRa'anana3LeadMar 2019
83NorthUnited KingdomUnited Kingdom3LeadMar 2019
Dell Technologies CapitalUnited StatesSan Francisco, CA3ParticipantMar 2019
Octopus VenturesUnited KingdomLondon2LeadMar 2021
KametFranceParis2ParticipantMar 2017
Planven Entrepreneur VenturesSwitzerlandZurich2ParticipantMar 2021
LIP Ventures BoutiqueMexicoMexico City1ParticipantSep 2023

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Ibex Medical Analytics Competitors

Ibex Medical Analytics competitors include listed companies like Snowflake and Natera, and private ones like Hippocratic AI, Komodo Health, Anthropic and OpenAI.

Public and private companies comparable to Ibex Medical Analytics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Hippocratic AIUnited StatesSan Francisco, CAPrivate--$3.5B-
Komodo HealthUnited StatesSan Francisco, CAPrivate$150M-$3.3B22.0x
AnthropicUnited StatesSan Francisco, CAPrivate$47B-$965B20.5x
OpenAIUnited StatesSan Francisco, CAPrivate$25B-$852B34.1x
SnowflakeUnited StatesUnited StatesPublicly listed$4.7B($1.3B)$119B21.0x
NateraUnited StatesUnited StatesPublicly listed$2.3B($266M)$53B19.0x

Ibex Medical Analytics Public Comps

Ibex Medical Analytics is still privately-owned, but its public comps include Palantir, Snowflake, Natera, Z.ai, Agilent, GE HealthCare, Quest Diagnostics, Labcorp, Guardant Health and Revvity.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Palantir$4.5B$1.5B92.6x58.1x285.0x97.4x
Snowflake$4.7B($1.3B)25.6x21.0x(94.1x)121.7x
Natera$2.3B($266M)22.5x19.0x(195.0x)(261.5x)
Z.ai$108M($658M)422.9x65.9x(69.4x)(73.0x)
Agilent$6.9B$1.8B6.7x6.2x26.1x21.0x
GE HealthCare$21B$3.7B1.8x1.8x10.1x10.0x
Quest Diagnostics$11B$2.2B3.0x2.9x15.5x14.5x
Labcorp$14B$2B2.4x2.3x16.3x13.0x

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Common questions about Ibex Medical Analytics

When was Ibex Medical Analytics founded?Ibex Medical Analytics was founded in 2016.
Where is Ibex Medical Analytics headquartered?Ibex Medical Analytics is headquartered in Tel Aviv, Israel.
Is Ibex Medical Analytics publicly listed?No, Ibex Medical Analytics is a private, VC-backed company.
How much funding has Ibex Medical Analytics raised?Ibex Medical Analytics has raised $107M across 4 funding rounds.
What was Ibex Medical Analytics' last funding round?Ibex Medical Analytics' last funding round was a $55M Series C in September 2023, led by 83North.
Who are Ibex Medical Analytics' investors?Ibex Medical Analytics' investors include aMoon Fund, 83North, Dell Technologies Capital, Octopus Ventures, Kamet, Planven Entrepreneur Ventures, LIP Ventures Boutique, Sienna Investment Managers and XTX Ventures.
Which companies are comparable to Ibex Medical Analytics?Companies comparable to Ibex Medical Analytics include Hippocratic AI, Komodo Health, Anthropic, OpenAI, Snowflake and Natera.

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