Pangaea Data today announced it has raised its second funding round in 12 months in a round led by returning investor deep tech venture capital firm IQ Capital, alongside UK venture firm Hambro Perks. New investors in the round include Ascension Ventures and private investors from the pharmaceutical industry including Sir Peter Job, Dr Jonathan Milner, John Taysom and Arthur Chen.
Pangaea Data provides a novel AI-based software product to its customers from the biopharmaceutical and healthcare industry for faster identification of patient cohorts based on phenotypes (clinical characteristics and symptoms) from doctors’ notes and such unstructured textual data which comprises 80% of a patient’s electronic health record.
This helps detect patients at risk of diseases, finding genes linked to a phenotype in the context of drug or biomarker discovery, recruiting patients for clinical trials, and matching the right patients with the right drugs. Pangaea has access to more than 500 million patient electronic health records through its partnerships with hospitals and other providers from the US, UK, Europe, South America and Asia-Pacific.
Vibhor Gupta, chief executive of Pangaea Data said: “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.
Ed Stacey, partner at IQ Capital added: “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.”
Tom Bradley, partner at Hambro Perks said: “We are delighted to be investing in Pangaea Data. Our long track record of supporting healthtech businesses means we are well-placed to partner with the talented management team, and to help them realise the next stage of their growth ambitions. Now, more than ever, the world is recognising the need for accurate, smart and timely medical diagnostic tools, and Pangaea is at the leading edge of technology to deliver this.”
Pangaea is based in San Francisco, London and Hong Kong.
Date published: January 28, 2021