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ArteraAI Raises $20M to Commercialize Prostate Cancer Test

NEW YORK – ArteraAI on Thursday said it has raised $20 million to commercialize and expand international access to its artificial intelligence-enabled predictive and prognostic tests.

Several investment funds participated in the financing including Prosperity7 Ventures, Singapore-based EDBI, Walden Catalyst Ventures, Wilson Sonsini Goodrich & Rosati, and Trium Ventures. Individual investors Navin Chaddha, Rajiv Khemani of AISpace VC, and Andrew & Elliott Tan of A&E Investment also participated.

In March 2023, ArteraAI raised $90 million in financing to commercialize its AI-based test for prostate cancer. The test identifies patients at risk of progression and predicts whether they will benefit from hormone therapy.

"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," said ArteraAI CEO and Cofounder Andre Esteva in a statement. "We are committed to ushering in the era of precision medicine and stewarding this investment strategically to aid in our international expansion and commercial growth."

ArteraAI partnered with Puerto Rico-based laboratory CorePlus in December 2023 to validate the prostate cancer test's prognostic and predictive capabilities in Hispanic patients. Further, San Francisco-based ArteraAI has also established a payment rate for this test with the Centers for Medicare and Medicaid Services effective Jan. 1.