Ibex Medical Analytics Raises $38 Million for Cancer AI Technology

By Bruce Harpham Thursday, March 25, 2021

Accurately diagnosing cancer is getting more accessible, thanks to an analytics company based in Israel. Ibex Medical Analytics, established in 2016, uses artificial intelligence (AI) technology to improve cancer diagnosis accuracy. The company platform offers greater accuracy in diagnosing prostate and breast cancers. With $38 million in Series B funding, the startup will accelerate the development of its AI technology.

A doctor and a nurse discussing reports.

Two Investors Leading Growth for the Company

Octopus Ventures and 83North led the $38 million Series B financing round in the analytics business. Based in the United Kingdom (UK), Octopus Ventures has invested in various health and financial startup business models. The firm’s past health investments include Elvie, Allplants, BigHealth, and Quit Genius (a startup business focused on helping people with addictions). Will Gibbs, an early-stage health investor at Octopus Ventures, joined the Ibex board as part of the Series B funding round.

83North has $1.3 billion in funds and has twelve unicorn business successes in its portfolio, such as Ebury, iZette, Just Eat, and Payoneer. “We continue to be impressed with Ibex's progress since the previous investment round, making a meaningful impact on cancer diagnosis globally," said Gil Goren, a general partner at 83North.

Using an Early Adopter Program for Growth

Offering new medical technology to the market can be tough. How do you convince pathologists and other medical decision-makers to trust a new diagnostic tool? Ibex takes a direct approach. The business offers an “early adopter program” that offers participants special pricing and the opportunity to provide input into a developing business. It is a thoughtful business strategy that makes a virtue of the company’s new technology.

The Cancer Diagnosis Market Is Worth Over $100 Billion

Global cancer diagnostics is a significant business opportunity. According to Grand View Research, the cancer diagnostics market was worth more than $144 billion in 2018. Of that market, breast cancer diagnostics account for 14% of the total market, or $20 billion. With less than a 1% market share of cancer diagnostics, Ibex could become a billion-dollar company.

Building a Market Presence Through Awards

Before landing its Series B funding, the business had a limited public profile. The analytics company started to win attention over the past few years. In 2018, the company earned recognition for the best clinical poster at the Pathology Vision 2018 event. In that presentation, the AI system detected cancer in 4 out of 136 randomly selected cases initially diagnosed as benign. Ibex has also been active in the Nvidia Deep Learning & AI Conference.

Ibex Is Recruiting for New Employees

The startup analytics business is actively hiring new employees at its Tel Aviv office. Most of the open positions are technical such as a front-end web developer, a production engineer, a data scientist, and an algorithm engineer. However, the company is also seeking an in-house pathologist. Hiring a pathologist is a smart move because pathologists are a key market for the company. As of March 17, the company currently has 38 employees.

About the Author

Headshot for author Bruce Harpham

Bruce Harpham is an author and marketing consultant based in Canada. His first book "Project Managers At Work" shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.

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