Pathware Closes $7 Million Series A Funding and Appoints MedTech Veteran as CEO
DENVER (PRWEB) APRIL 19, 2022
Pathware Inc., a MedTech company developing hardware and software to bring digital pathology from the central lab to the point-of-care, today announced it secured $7 million in an oversubscribed Series A financing. The funding will be used to continue expanding the team and to submit the integrated hardware and software system to the FDA for clearance.
The financing round coincides with MedTech veteran TJ Meyer joining Pathware as CEO. Mr. Meyer most recently led global marketing, strategy, clinical support, and business development at Veran Medical Technologies, a medical device company focused on the early diagnosis and staging of lung cancer. During Mr. Meyer’s tenure, Veran grew revenues from $2 million to $30 million and was acquired by Olympus in December of 2020.
“I am excited to join Pathware and am fortunate to work alongside such a talented team. Our mission of bringing digital pathology to the point-of-care will help pathologists and proceduralists diagnose cancer earlier and ultimately save patient lives,” said Mr. Meyer. “We could not be more excited to have strong investors, as well as many industry experts show their belief in our team, technology, and market by making personal investments. More importantly, it is a dream come true to see the value these sophisticated investors can add beyond their dollar in helping us achieve our mission.”
The Series A financing was co-led by UnityPoint Health Ventures and Level Eight Ventures with participation from existing investors. Also participating in the round are MVolution Partners, an investment firm focused on providing growth capital to innovative healthcare and technology companies, and Solas BioVentures, a venture capital firm that invests exclusively in the life science industry.
“While there has been tremendous progress applying artificial intelligence to digital pathology software, there has been no meaningful innovation in digital pathology hardware over the last two decades,” said Austin Duke, PhD, Venture Investing Director at UnityPoint Health Ventures. “We are excited for Pathware’s hardware and software innovations to enable new workflows and applications, as well as extend the reach of pathologists for the 90% of hospitals that are unable to staff pathologists on site. Just as important, we believe these advances will improve patient outcomes.”
“We are grateful for the opportunity to support Pathware’s development and commercialization activities through our capital and network of value-added investors,” said Mike Weinmann, Founding Partner at MVolution Partners. “The executive team’s highly-relevant experience and skillset, coupled with game-changing technology and a substantial total addressable market, make Pathware one of the most compelling investments we have made over our careers.”
The Series A financing includes participation from noteworthy investors, including Sidney Taurel (former CEO & Chairman at Eli Lilly), Steve Laczynski (former CEO of Philips Healthcare Americas and former VP at Quest Diagnostics), Monica Richter (former Chief Data Officer at Dun & Bradstreet and former SVP of Data Strategy at S&P Global), David Johnson (founder of Caligan Partners), James Watt (President, Enterprise Distribution & Partnership Growth at Cigna), and Peter Faroni (private investor and former Founder & Managing Member of Madryn Asset Management).
About Pathware Inc.
Pathware is a privately held MedTech company based in Denver, CO and with offices in Seattle, WA. The company is focused on developing hardware and software to bring digital pathology from the central lab to the point-of-care. For more information, please visit: pathware.com.
About UnityPoint Health Ventures
Founded in 2019, UnityPoint Health Ventures makes direct investments in ideas and partners that provide an easier, more personal experience for patients and providers. As the venture capital arm of UnityPoint Health – one of the nation’s most integrated health systems – the firm invests in opportunities that improve patient outcomes and reduce the cost of health care. In addition to strategic investing, UnityPoint Health Ventures provides dedicated resources to accelerate portfolio company traction within UnityPoint Health and beyond. Through relationships with more than 450 physician clinics, 20 regional and 19 community network hospitals in metropolitan and rural communities and home care services throughout its 9 regions, UnityPoint Health provides care throughout Iowa, western Illinois, and southern Wisconsin. More at uphventures.org.
About Level Eight Ventures
Level Eight Ventures is a venture capital firm that invests in early-stage companies developing core products which positively impact the physical world or improve the human condition. Hands-on investors with diverse experience commercializing new technologies and entering new markets, Level Eight’s principals actively advise and support its portfolio companies in North America and Europe as they navigate obstacles to funding and growth. With offices in Ann Arbor and Philadelphia, Level Eight leverages extensive relationships with incubators, technology transfer offices, and centers of innovation in the booming Michigan to Ontario technology corridor, while its Cambridge, England office provides direct access to tech startups in Europe and the UK. For more information, please visit level8.vc.
About MVolution Partners
MVolution Partners (MVP) provides growth capital solutions from $1 million to $100 million to healthcare and technology companies. MVP targets equity and debt investments in North America and Europe and provides operational, strategic, and sustainability value add to achieve shared success with its portfolio companies. The founding partners of MVP have been responsible for $4 billion of principal investments and have advised on over $40 billion of capital markets and mergers and acquisitions activity. For more information, please visit mvolutionpartners.com.
About Solas BioVentures
Solas BioVentures is a venture capital firm that invests exclusively in the life science industry, focusing primarily on early and development stage biotech and medtech companies advancing impactful, disruptive technologies. Headquartered in Chattanooga, Tennessee, its coverage is global. For more information, please visit solasbio.com.