San Francisco-based precision medicine company ArteraAI has successfully secured an additional $20 million in funding, marking a significant step forward in its mission to personalize cancer therapy through AI-enabled predictive and prognostic tests. The funding round saw participation from notable investors, including Prosperity7 Ventures, EDBI, Walden Catalyst Ventures, Wilson Sonsini Goodrich & Rosati, and Trium Ventures, along with individual investors Navin Chaddha, Rajiv Khemani (AISpace VC), and Andrew & Elliott Tan (A&E Investment LLC).
This latest financial infusion brings ArteraAI’s total funding to $110 million in less than a year since its inception, showcasing the substantial confidence and support from the investor community. The company, led by CEO Andre Esteva, plans to utilize the funds for international expansion and the commercial growth of its innovative cancer tests.
ArteraAI is at the forefront of revolutionizing cancer treatment through its multimodal artificial intelligence (MMAI) platform, which provides personalized predictions about cancer progression and responses to treatment. The company’s flagship product, the ArteraAI Prostate Test, is the first of its kind, offering both predictive and prognostic results for patients with localized prostate cancer.
The unique AI-enabled Prostate Test leverages a sophisticated algorithm that analyzes digital pathology images from a patient’s biopsy and learns from their clinical data. This information is then combined to predict the patient’s potential benefit from a specific therapy and determine their long-term prognosis. The test, which has been validated through numerous Phase 3 randomized trials, is clinically available through ArteraAI’s CLIA-certified laboratory in Jacksonville, Florida.
Commenting on the funding, Andre Esteva expressed, “The infusion of this additional funding is a crucial catalyst, propelling ArteraAI forward in its mission to personalize cancer therapy through AI-enabled predictive and prognostic tests.” He highlighted the commitment to ushering in the era of precision medicine and strategically utilizing the investment for international expansion and commercial growth.
ArteraAI’s recent achievement of the Centers for Medicare and Medicaid Services (CMS) decision on the payment rate for the ArteraAI Prostate Test further enhances accessibility to AI-enabled personalized care, benefitting a broader population. The company’s commitment to ongoing research, coupled with strategic global partnerships, positions it as a leader in AI-powered cancer diagnostics.
Abhishek Shukla at Prosperity7 Ventures emphasized, “Investing in ArteraAI wasn’t just a financial decision, but a testament to ArteraAI, which is globally revolutionizing patient care.” The company’s strides in obtaining a Medicare payment rate, expanding distribution, and establishing a foundation for international growth have garnered widespread support.
Dr. Jolene Ooi at EDBI expressed excitement about ArteraAI’s transformative approach to cancer care, aligning with Singapore’s efforts to digitize healthcare and harness AI for precision medicine. EDBI looks forward to supporting ArteraAI’s growth story as it forays into Asia.
With this latest funding, ArteraAI is well-positioned to lead the future of personalized cancer care, offering patients accurate diagnoses, better treatment options, and improved outcomes. The company’s commitment to precision medicine and positive impacts on a global scale resonates with its investors and signifies a promising future for AI-powered healthcare.