Ibex raises $38M for AI that diagnoses diseases

Ibex Medical Analytics, a Tel Aviv, Israel-based startup developing a product suite for clinical decision-making and pathology laboratory workflows, today announced that it raised $38 million in funding. The global big data analytics market for health care was valued at $16.87 billion in 2017 and is projected to reach $67.82 billion by 2025, according to a recent report from Allied Market Research. It's believed that health care organizations' implementation of big data analytics might reduce annual costs by over 25% in the coming years. Better diagnosis and disease predictions, assisted by AI and analytics, can lead to cost reduction by decreasing hospital readmission rates, among other factors. Ibex, whose competitors include Paige, PathAI, and ContextVision, among others, was founded by Joseph Mossel and Dr. Chaim Linhart. Mossel's background is in computer science, product development, and management, whereas Linhart is an AI and machine learning researcher.