An Artificial Intelligence-driven digital pathology startup, Deep Lens Inc. has bagged USD14 million in series A funding round to further expand its AI-powered digital pathology platform, product development activities, and gauge its service, sales, and marketing organizations. Led by Northpond Ventures, along with participation from existing investors Rev1 Ventures, Sierra Ventures, and Tamarind-Hill Partners, the funding comes months later Deep Lens emerged from stealth in last October with a USD 3.2 million seed round. With this funding round, the company’s totals valuation has reached to USD17.5 million to date.
Based in Columbus, Ohio, Deep Lens’ digital pathology platform was built by the innovation group at Nationwide Children’s Hospital (NCH) in Columbus, focused on specific tumor type and subtypes. NCH played the role of global biospecimen repository and facilitated research projects across the globe including The Cancer Genome Atlas Project (TCGA) before being commercialized. Today, patient recruitment for clinical tests remains a time-intensive and costly that plays as a barrier in the way to the execution of drug development programs. According to the reports, over 14,000 oncology clinical trials are actively recruiting patients yet estimates put the rate of participation as low as 3 percent of potential trial candidates.
In this regard, Deep Lens’ VIPER (Virtual Imaging for Pathology Education and Research) subscription-based platform integrates AI with advanced pathology workflows allowing the pathologist in clinical trial recruitment. As part of the announcement, Deep Lens will utilize this fresh capital to further expand its AI and platform product development activities and measure its service, sales, and marketing organizations to support current and expected demand and growth for its VIPER platform to support to clinical trial recruitment.