NEW YORK — PreciseDx, a developer of cancer risk stratification tests, said on Tuesday that it has raised $10.75 million in a Series A preferred financing round.
The round was led by the Merck Global Health Innovation Fund and included Mount Sinai Health System, Agilent Technologies, IBM Ventures, and the Hobart Group.
PreciseDx said it will use the money for the continued development and commercialization of its artificial intelligence-based cancer risk stratification technology, which combines tissue-derived morphology information with clinical data to create patient-specific risk profiles that include predicted outcomes, assigned risk for disease progression and recurrence, and recommendations for patient management.
The New York City-based company currently offers breast cancer diagnostic test services and has a prostate cancer test in development.
"AI-enabled, personalized healthcare is the future," David Rubin, managing director of Merck Global Health Innovation Fund, said in a statement. "We believe the ability to create and leverage billions of novel data points has the potential to truly change cancer treatment."