PictorLabs Raises $30 Million in Series B Funding to Accelerate AI-Powered Virtual Staining Technology
LOS ANGELES, Sept. 18, 2024 /PRNewswire/ — PictorLabs, a pioneering software company transforming histopathology with AI-powered virtual staining, announced today the successful completion of its $30 million Series B funding round. The round was led by global software investor Insight Partners, with continued participation from M Ventures, the venture capital arm of Merck KGaA, Darmstadt, Germany, which had previously led PictorLabs’ Series A round. The infusion of capital will enable PictorLabs to further advance its technology, expand its market reach, and accelerate the adoption of AI-driven virtual staining in clinical and research settings.
Spun off from the UCLA Colleges of Engineering and Medicine, PictorLabs is at the forefront of reshaping the 150-year-old practice of histological staining, which is critical for researching and diagnosing cancer, infectious diseases, and other pathological conditions. Traditional staining methods rely on toxic reagents and can take hours or even days to produce results. PictorLabs’ innovative AI-powered virtual staining technology eliminates the need for these reagents and significantly reduces turnaround times, delivering digitally stained slides in just minutes. As the demand for faster, more accurate diagnostic tools continues to grow, PictorLabs is poised to play a crucial role in the digital transformation of histopathology.
“Securing this Series B funding is a testament to the transformative potential of our technology and the trust that our investors have in our vision,” said Yair Rivenson, CEO of PictorLabs. “With the support of Insight Partners and M Ventures, we are well-positioned to scale our operations, expand our team, and bring our revolutionary virtual staining technology to more histopathology labs, ultimately improving patient outcomes across the globe.”
“By digitizing the staining process, PictorLabs will increase the speed, consistency, and quality of pathology reports, both for patient treatment and life science research,” said Scott Barclay, Managing Director at Insight Partners. “Insight is proud to back Yair and this deep technology team who are so dedicated to science, to producing validated data, and to positively impacting pathologists and patients.”
Bauke Anninga, Investment Director at M Ventures, added: “We are excited by PictorLabs’ progress and continue to be impressed by their differentiated virtual staining technology. We look forward to supporting PictorLabs through their next phase of growth.”
PictorLabs’ innovative solution allows physicians to conduct virtually unlimited number of tests from a single specimen, empowering researchers to obtain better insights quicker, providing a more comprehensive understanding of examined tissue condition and enabling better-informed decisions. By reducing the time and resources required for traditional staining methods, PictorLabs is not only enhancing efficiency but also contributing to more sustainable laboratory practices.
About PictorLabs
PictorLabs is a software company that is transforming the practice of histopathology with AI-powered virtual staining. Based in Los Angeles and spun off from the UCLA Colleges of Engineering and Medicine, PictorLabs is a venture-backed startup leading the digital transformation of histological staining. By delivering digitally stained slides in minutes, PictorLabs enables faster results with better insights for research, pharma, and clinical applications, ultimately improving patient outcomes. For more information about PictorLabs and its AI-powered virtual staining technology, please visit www.pictorlabs.ai.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.
About M-Ventures
M Ventures is the strategic, corporate venture capital arm of Merck KGaA, Darmstadt, Germany. From its headquarters in the Netherlands and offices in Germany, USA and Israel, M Ventures invests globally in transformational ideas driven by innovative entrepreneurs. Taking an active role in its portfolio companies, M Ventures teams up with management teams and co-investors to translate scientific discoveries into commercial success. M Ventures focuses on investing along the two extensive investment areas Biotechnology and Technology in alignment with the strategic interest of the parent company. We cover the areas of Healthcare drug development, Life Science tools, Electronics, and Frontier Technology & Sustainability. For more information, visit m-ventures.com
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SOURCE PictorLabs
