Paige, a global leader in AI-based diagnostic software in pathology, today announced that KKR, a leading global investment firm, joined Casdin Capital and Johnson & Johnson Innovation – JJDC, Inc. (JJDC) as co-leads in its Series C financing round, bringing the round to over $125 million. Paige will use this new capital to expand its geographic footprint as it accelerates the development of AI-based clinical applications, biomarkers and diagnostics.
Additional investors in the Series C round include Catalio Capital Management, existing investors and other funds, as previously announced.
“We are grateful for the support of our stellar investors who share our mission to drive the future of precision medicine,” said Leo Grady, Ph.D., Chief Executive Officer of Paige. “Paige is committed to transforming the diagnostics space by building an industry-leading portfolio of AI-based clinical applications, biomarkers and diagnostics and investing in the necessary areas to establish the technology long-term. This investment puts us in a strong position for growth over the next few years and beyond.”
“KKR is committed to supporting differentiated companies such as Paige that are reimagining how technology can support health care providers and diagnostics,” said Ali Satvat, Partner and Global Head of Health Care Strategic Growth at KKR. “With its cutting-edge technology platform and strong management team, we believe that Paige is well-positioned for sustainable growth.”
For KKR, the investment is being funded through the firm’s Health Care Strategic Growth Fund, which is focused on investing in high-growth healthcare-related companies for which KKR can be a unique partner in helping reach scale.
Paige was founded in 2017 by Thomas Fuchs, Dr.Sc. and colleagues from Memorial Sloan Kettering Cancer Center (MSK). The company builds computational pathology products designed so patients and their care teams can make effective, more informed treatment decisions. With this new class of AI-based technologies positioned to drive the future of diagnostics, Paige created a platform to deliver this novel technology to pathologists to transform their workflow and increase diagnostic confidence and productivity. Paige’s products deliver insights to pathologists and oncologists so they can arrive efficiently at more precise diagnoses for patients. Paige is the first company to receive FDA breakthrough designation for computational pathology products.
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.