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PathAI, a Boston-based artificial intelligence pathology company, has closed a Series C funding round worth $165 million.
The round was co-led by D1 Capital Partners and Kaiser Permanente, with additional participation from General Atlantic, Tiger Global Management, 8VC, Adage, Biospring Partners, General Catalyst, KdT Ventures, Polaris Partners, Refactor Capital, and strategic partners Bristol-Myers Squibb Company, Labcorp and Merck Global Health Innovation Fund.
With the new funds, PathAI plans to accelerate product development to expand its suite of applications beyond oncology and nonalcoholic steatohepatitis. It will also seek new partnerships with pharmaceutical and diagnostic organizations.
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It’s an entrepreneur’s market in digital health today, with startups raising record-breaking funding at soaring valuations and debuting on public markets to eager investors.
According to CB Insights, as of March 3, 2021, there are 51 healthcare unicorns “startups” worth $1 billion or more around the world. Global venture capital funding, including private equity and corporate VC, into digital health was the highest ever in the first quarter 2021 at $7.2 billion, according to Mercom Capital Group.
The massive influx of capital to healthcare should not be surprising; the pandemic has made it starkly clear that digital health is the future of healthcare. To that end, we should anticipate additional healthcare exits worth more than $1 billion in the near term. Which again, is great for entrepreneurs as long as they understand how hard it is to build a unicorn in healthcare. Today, becoming a unicorn requires founders who are long on vision and operational experi