Pangaea Data secures a seed follow-on investment led by IQ Capital to accelerate AI deployment.
The financing round was led by IQ Capital with participation from Hambro Perks and Ascension Ventures.
Pangaea Data provides unsupervised artificial intelligence software to pharmaceutical companies and healthcare organisations for clinical data extraction. Its technology helps identify patient cohorts and connect them with suitable therapies and clinical trials.
Pangaea Data has secured its second funding round in the space of 12 months, following a period of accelerated growth and deployment across international healthcare markets. The investment was spearheaded by IQ Capital, with continued participation from Hambro Perks. The syndicate was further joined by new backers including Ascension Ventures and several private life sciences investors.
The fresh capital will be directed towards expanding technical and commercial personnel, increasing delivery capacity, and growing the company footprint in the United States from its existing base. Additional funds will support product development for novel biopharmaceutical use cases, such as extracting adverse events from social media and patient narratives for pharmacovigilance.
From the founder
"This latest round of investment is a great recognition of our customers' success through our breakthrough AI and a product focused approach. With our existing investors reaffirming their support of the company and new investors with vast experience in the life sciences industry coming on board, we are on course to achieve our core mission of improving patient outcomes through a highly profitable and sustainable business model. In the past 12 months, the company has grown 15 times through the successful deployment of PIE in the biopharmaceutical industry, partnerships with healthcare data providers and significant contributions to peer review publications, which demonstrates that we are leading in this sector. This funding will accelerate this success by providing the resources to strengthen the team, explore new use cases, and expand into new markets."
Vibhor Gupta
CEO at Pangaea Data
Investor perspective
"The team at Pangaea Data have built on a foundation of academic research in the field of unsupervised AI and have demonstrated the value of its application in understanding and extracting actionable intelligence from patient data. There are countless use cases for this technology, which unlocks the patient data that was previously inaccessible without a vast amount of manual effort or less accurate approaches. This is an incredibly valuable proposition for the pharmaceutical industry and is already having an impact on patient outcomes."
Ed Stacey
managing partner, IQ Capital
Use of funds
- 01Grow the team
- 02Expand into international markets
- 03Continue product development
Investors
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About the company
Pangaea Data
Pangaea Data develops unsupervised artificial intelligence software that extracts clinical insights from patient records.