Paige Secures Financing from KKR for Total Series C Funding Round of Over $125 Million

Rhea-AI Summary

Paige, a leader in AI-based pathology diagnostics, has secured over $125 million in Series C funding, with KKR joining as a co-lead investor alongside Casdin Capital and Johnson & Johnson Innovation. The new capital will help expand Paige's geographic footprint and drive the development of AI clinical applications and diagnostics. Paige aims to transform the diagnostics space through advanced technology, enhancing decision-making for healthcare professionals. KKR's investment comes from its Health Care Strategic Growth Fund, focusing on high-growth companies in healthcare.

Positive

• Secured over $125 million in Series C funding, enhancing financial stability.
• KKR's participation underscores confidence in Paige's growth potential.
• Funding will support expansion into new markets and development of AI applications.

Negative

• None.

Paige, a global leader in AI-based diagnostic software in pathology, today announced that KKR, a leading global investment firm, joined Casdin Capital and Johnson & Johnson Innovation – JJDC, Inc. (JJDC) as co-leads in its Series C financing round, bringing the round to over $125 million. Paige will use this new capital to expand its geographic footprint as it accelerates the development of AI-based clinical applications, biomarkers and diagnostics.

Additional investors in the Series C round include Catalio Capital Management, existing investors and other funds, as previously announced.

“We are grateful for the support of our stellar investors who share our mission to drive the future of precision medicine,” said Leo Grady, Ph.D., Chief Executive Officer of Paige. “Paige is committed to transforming the diagnostics space by building an industry-leading portfolio of AI-based clinical applications, biomarkers and diagnostics and investing in the necessary areas to establish the technology long-term. This investment puts us in a strong position for growth over the next few years and beyond.”

“KKR is committed to supporting differentiated companies such as Paige that are reimagining how technology can support health care providers and diagnostics,” said Ali Satvat, Partner and Global Head of Health Care Strategic Growth at KKR. “With its cutting-edge technology platform and strong management team, we believe that Paige is well-positioned for sustainable growth.”

For KKR, the investment is being funded through the firm’s Health Care Strategic Growth Fund, which is focused on investing in high-growth health care-related companies for which KKR can be a unique partner in helping reach scale.

About Paige

Paige was founded in 2017 by Thomas Fuchs, Dr.Sc. and colleagues from Memorial Sloan Kettering Cancer Center (MSK). The company builds computational pathology products designed so patients and their care teams can make effective, more informed treatment decisions. With this new class of AI-based technologies positioned to drive the future of diagnostics, Paige created a platform to deliver this novel technology to pathologists to transform their workflow and increase diagnostic confidence and productivity. Paige’s products deliver insights to pathologists and oncologists so they can arrive efficiently at more precise diagnoses for patients. Paige is the first company to receive FDA breakthrough designation for computational pathology products.

For additional information, please visit: https://www.Paige.ai, https://www.paigeplatform.com , Twitter and LinkedIn.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210309005546/en/

FAQ

What recent investment did KKR make in Paige?

KKR joined Casdin Capital and Johnson & Johnson Innovation in co-leading Paige's Series C financing round, which raised over $125 million.

How will Paige use the funding from KKR?

Paige will utilize the funding to expand its geographic reach and accelerate the development of AI-based clinical applications and diagnostics.

What is the significance of KKR's investment in Paige?

KKR's investment highlights the confidence in Paige's innovative approach to healthcare and its potential for sustainable growth.

When was Paige founded?

Paige was founded in 2017 by Thomas Fuchs and colleagues from Memorial Sloan Kettering Cancer Center.

What technology does Paige focus on in the healthcare sector?

Paige specializes in AI-based diagnostic software for digital pathology aimed at improving decision-making in cancer treatment.