Berlin, Germany-based Aignostics that develops novel digital pathology solutions raised EUR 14 million in Series A financing. The company announced the round on September 15, 2022. Wellington Partners led the round for the company. Meanwhile, existing investors Boehringer Ingelheim Venture Fund (BIVF), VC Fonds Technologie managed by IBB Ventures and High-Tech Gründerfonds (HTGF) invested in the firm. Besides, CARMA Fund, initiated by Ascenion, joined as the new investor.
Purpose of funding for Aignostics
With the latest capital injection from Series A, the company intends to continue building its presence and team. It wants to focus explicitly on the US market.
Besides, Aignostics has plans to invest in innovation in research and development concerning the machine learning segment.
What the co-founders have to say
Viktor Matyas, CEO and co-founder of Aignostics, said, “With this new round of funding, we want to continue building our presence and team. In particular, we will put a stronger focus on the US market, in which we have been active since the beginning of this year. By accelerating our investments into our platform and regulatory excellence, we will be able to offer a Good Clinical Practice (GCP) compliant development and analysis process starting in early 2023, and we plan to have the first AI models in use in early-stage clinical trials soon after that. Eventually, we aim to become a credible choice for global Companion Diagnostic (CDx) developments too.”
Further, Dr Maximilian Alber, CTO and co-founder, said, “In addition, we will continue driving innovation in machine learning research. For instance, our patented “Explainable AI” technology reverse engineers traditional black-box AI models and reveals features that its decisions and predictions are based on. This helps discover novel biomarkers or drug response characteristics. Moreover, we have developed a proprietary approach for the automated training of cell-level AI that does not rely on manual annotations by pathologists. Both approaches have successfully been deployed in client studies, and there are several more areas of research that we have identified as highly promising and impactful.”
What the investors have to say
Dr Johannes Fischer, Principal at Wellington Partners, said, “What makes Aignostics unique is not just its technology, but also its comprehensive access to key data modalities and pathologists, who are closely involved in the development process at all times. This combination allows Aignostics to rapidly build bespoke pre-trained AI models that are highly impactful when used by its clients on their own research and clinical trial data.”
Besides, Dr Alexander Ehlgen from Boehringer Ingelheim Venture Fund said, “We have been very pleased with the development of Aignostics over the last two years and believe the team has demonstrated the value it can add to its pharma and biotech clients. BIVF is therefore excited to continue supporting Aignostics’ growth and development, and in particular, its research activities, as the Company builds out its market-leading technology and IP.”
In addition, Dr Rainer Strohmenger, Managing Partner at Wellington Partners, commented, “We are deeply impressed by the Aignostics team and technology. Wellington is excited to join the group of existing investors and to support a leading German AI player during its expansion phase. Even more than our previous portfolio company Definiens, Aignostics has the potential to transform how the pharmaceutical industry and CROs use pathology in their drug development process, with the goal to significantly advance treatments for patients with hard-to-treat diseases, including cancer.”
About the company
In 2018, founders Frederick Klauschen, Klaus-Robert Müller, Maximilian Alber, Viktor Matyas launched Aignostics. It is a spin-off from Charité – Universitätsmedizin Berlin, developing novel digital pathology solutions with “Explainable AI ” for pharmaceutical research and diagnostics. The company has a global presence and boasts offices in regions such as Berlin and Boston.
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