The funding will support the international expansion and commercial growth of the company and its first-of-its-kind test
ArteraAI, the developer of multimodal artificial intelligence (MMAI) based predictive and prognostic cancer tests, announced that it has secured an additional $20 million in capital fueled by several prominent large investment funds including Prosperity7 Ventures, Singapore-based global investor EDBI, Walden Catalyst Ventures, Wilson Sonsini Goodrich & Rosati, and Trium Ventures, along with investors Navin Chaddha, Rajiv Khemani (AISpace VC), and Andrew & Elliott Tan (A&E Investment LLC).
“The infusion of this additional funding is a crucial catalyst, propelling ArteraAI forward in its mission to personalize cancer therapy through AI-enabled predictive and prognostic tests,” said Andre Esteva, CEO and Co-Founder of ArteraAI. “We are committed to ushering in the era of precision medicine, and stewarding this investment strategically to aid in our international expansion and commercial growth.”
This funding announcement follows closely on the heels of ArteraAI’s recent achievement of the Centers for Medicare and Medicaid Services (CMS) decision on the payment rate for the ArteraAI Prostate Test. The decision helps to ensure broader accessibility to AI-enabled personalized care, benefiting a larger population.
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“Investing in ArteraAI wasn’t just a financial decision, but a testament to ArteraAI which is globally revolutionizing patient care,” said Abhishek Shukla at Prosperity7 Ventures. “We are thrilled to be part of the journey as ArteraAI continues its mission to provide patients with access to personalized cancer treatment plans.”
Less than a year ago, ArteraAI emerged from stealth mode with an initial funding of $90M. Since then, the company has made significant strides, obtaining a Medicare payment rate, growing distribution and establishing a solid foundation for international expansion through strategic global partnerships to continue its research.
“ArteraAI’s AI-driven tests represent a transformative approach to designing tailored cancer care regimens. This offers a glimpse into the future where cancer care is truly personalized, aligning with Singapore’s efforts to digitize healthcare and harness AI to enable precision medicine,” said Dr. Jolene Ooi, Senior Principal at EDBI. “We are excited to be part of their growth story and look forward to supporting its foray into Asia.”
SOURCE: BusinessWire
