Paige Secures an Additional $15M from Goldman Sachs

Paige has received an additional $15 million from Goldman Sachs Merchant Banking Division, totaling $20 million from the firm. The funding will be added to previously announced Series B financing, bringing the total round to $70 million, including an additional investment from Healthcare Venture Partners of $5 million on top of their previous $10 million investment. The funding brings the company’s total capital raised to over $95 million.
 
Paige says it will use this new capital to further accelerate its global leadership position in transforming pathology workflows in the field of cancer, while working closely with biopharma companies to create custom diagnostic and clinical trial solutions to improve patient care.

“We appreciate the continued recognition and support we’ve received from Goldman Sachs as we gain traction and prove early results in the clinical and biopharma space,” said Leo Grady, Ph.D., CEO of Paige. “This new funding will help ensure that the Paige Platform and our advanced computational pathology products will drive the next generation of pathology and improve cancer care globally.”

Other Milestones
In other news, Paige recently named David Castelblanco, managing director at Goldman Sachs, as a new member to Paige’s Board of Directors.

“We have been very impressed with the company and its pace of development. We are excited to increase our commitment to support Leo, Thomas and the Paige team’s transformative work with artificial intelligence and machine learning in the cancer field,” said Castelblanco.

Paige also released multiple ASCO and Modern Pathology publications showing the value of the Paige offering. Paige was also recognized by Frost and Sullivan’s 2020 Enabling Technology Leadership Award in the North American AI-based digital pathology industry.

“We initially invested in Paige recognizing the potential of their products to add significant value to the industry and impact the future of cancer care,” said Jeffrey C. Lightcap, senior managing director of Healthcare Venture Partners. “After seeing Paige make tremendous progress in such a short period, we added to our investment to further accelerate their growth.”