Ibex Medical Analytics: clinical-grade AI solution for cancer diagnostics and analysis

Investment thesis

  • Every two minutes someone in the UK is diagnosed with cancer. These diagnoses produce millions of tissue biopsies that require meticulous review by a pathologist. Limited numbers of pathologists, coupled with an increase in cancer incidence, means overwhelming workloads on NHS pathology labs, potential delays in diagnosis and treatment, and difficulties maintaining the quality of diagnoses.
  • Ibex has developed best-in-class AI solutions to significantly improve pathologists’ diagnoses of cancer, enable AI-powered quality control, reduce the occurrence of missed cancers, increase lab efficiency, and ultimately provide a platform to diagnose cancer at scale.
  • Understanding pathology data reliably is a crucial pillar to building predictive cancer models, prescribing the correct treatment and moving the whole field of oncology forwards.
  • Ibex’s technology has market-leading clinical-grade accuracy, which lends itself to becoming an essential component in digital pathology and better diagnoses to treat cancer.
  • Aware of the paramount importance of accuracy in this field, Ibex has developed best-in-class AI algorithms for prostate and breast cancer detection, and is expanding to other tissue types. 
  • Ibex is among the first movers in pathology AI and has the first commercially deployed solution in routine clinical practice, recently establishing commercial agreements with leading companies in the field, putting them in the right position to grow at scale within pathology labs.

Who are the pioneers?

Reputation in every sector is important, but none more so than health tech. The best technologies and the best teams get noticed. We found the Ibex team’s reputation to be running at unusually high levels, individually and collectively. Joseph Mossel, CEO and Co-founder, grew products to over $150m in revenue at Dell EMC and was Entrepreneur in Residence at Kamet Ventures. Chaim Linhart PhD, CTO and Co-founder is a winner of multiple Kaggle competitions. Along with the rest of the Ibex team, they have created a patient-first culture that embodies the company’s vision with clarity and dynamism. There aren’t many companies we have met with this technical calibre who care so personally about the end patient impact they are generating every day.

Why us?

We are increasingly backing highly technical teams aiming to transform how we diagnose and treat disease, such as Ori Biotech. Our healthcare and deep tech expertise allows us to support startups technically and commercially. Portfolio companies such as Big Health, Elvie and Quit Genius have fuelled our understanding of the processes and challenges of global commercialisation, particularly into the US with its complex payer/insurer landscape. The company’s location in Israel, London and the US, means that our team is well placed to supply Ibex with the experience and insights needed to realise their truly pioneering vision.

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