PictorLabs, an AI-powered histopathology startup, announced on Wednesday it raised $30 million in series B funding.
The round was led by Insight Partners, with additional participation from firms like M Ventures. The fresh funding brings the company to more than $48.8 million in total funding, according to Pitchbook.
“We are well-positioned to scale our operations, expand our team, and bring our revolutionary virtual staining technology to more histopathology labs, ultimately improving patient outcomes across the globe,” Yair Rivenson, the chief executive of PictorLabs, said in a statement.
Histopathology studies how tissues change as a result of disease. When tissue samples are analyzed under a microscope, they are often chemically stained by hand in order to be more clearly read. In order to run multiple tests, scientists need to wash and re-stain the sample multiple times. Pictorlabs’ platform virtually stains tissue samples on the computer, allowing scientists to run many tests on a single tissue sample using artificial intelligence instead of manually washing and re-staining. It’s a key part of diagnosing a slew of issues, from cancer to infectious diseases.
“By digitizing the staining process, PictorLabs will increase the speed, consistency, and quality of pathology reports, both for patient treatment and life science research,” Scott Barclay, the managing director at Insight Partners, said in a statement.
The Sawtelle-based PictorLabs was incubated at the University of California, Los Angeles before it launched on its own in 2022. It’s one of several companies in Los Angeles using AI to drive an update to the diagnostics world. Most recently, in July, West Hollywood-based Pearl raised $58 million to use computer vision in the dental industry by analyzing dental x-rays for cavities or other decay.
These startups are poised to assist doctors who are prone to human error and speed up the diagnosis process so patients can get the treatment they need. But the technology remains low in terms of adoption – doctors are wary of the black box technology and the malpractice liabilities it could bring. A 2022 survey by the American College of Radiology found that 70% of radiologists had no plans to integrate AI at all in their practices.
PictorLabs will use the new funding to bulk up its technology platform and expand its market reach beyond the early adopters to get into more labs.