Series A round led by SBVA (SoftBank Ventures Asia) to help expand ImpriMed’s services beyond veterinary medicine into human oncology
December 19, 2023 09:00 AM Eastern Standard Time
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--ImpriMed, a leading precision medicine startup focused on leveraging artificial intelligence to improve cancer treatment, today announced the close of a $23 million Series A funding round, led by SBVA. HRZ Han River Partners, SK Telecom, KDB Silicon Valley, Ignite Innovation Fund, Samyang Chemical Group, Murex Partners, and Byucksan also participated in this round. The funding will enable ImpriMed to expand its revolutionary drug response prediction technology beyond veterinary medicine into human oncology, increase headcount, and broaden its business development and research and development pipeline.
The only precision medicine company using AI and comprehensive analysis of canine and feline cancer cells to make personalized drug response predictions, ImpriMed is delivering real-world results at scale. To date, 250+ veterinary hospitals in more than 40 states have deployed ImpriMed’s technology, with more than 15,000 canine and feline blood cancer tests completed. The company is challenging the status quo for treatment in animal cancer patients, building and validating its AI models for clinical outcomes, and enabling veterinary professionals to deliver more successful results. Moving forward, ImpriMed aims to address the overall cancer precision medicine space, which is estimated to reach $100.5 billion by the end of 2028 (source: Research and Markets). Its work will arm hospitals with drug treatment response predictions, ensure stronger prognosis evaluations, and more effectively stratify treatment risks.
"As the importance of precision medicine in conquering cancer continues to grow, ImpriMed has been producing significant results in the treatment of canine cancer, based on an abundance of clinical data,” remarked Jay Choi, Principal at SBVA, which led this investment round. “We highly value ImpriMed’s potential to commercialize customized medical services for a variety of cancer diseases."
According to Sungwon Lim, CEO of ImpriMed, "This significant funding, secured in a challenging global investment landscape, is a strong endorsement of our technological innovation and growth trajectory. We are eager to transfer our expertise from veterinary to human cancer care, aspiring to become a pioneer in the precision medicine arena." Additionally, ImpriMed intends to broaden its CRO services to assist pharmaceutical companies in clinical trial designs and drug combination strategies, leveraging its unique technology that evaluates drug sensitivity in patients’ live cancer cells.
ImpriMed, which was co-founded in 2017 by Sungwon Lim, CEO, and Jamin Koo, CTO—both distinguished alumni of Stanford University and KAIST (The Korea Advanced Institute of Science and Technology)—specialized in utilizing artificial intelligence to enhance the efficacy of personalized cancer treatments. Its AI algorithms are used in combination with a patient’s live cancer cell analytics, the results of which are far more accurate predictions of how a specific patient will respond to a particular cancer therapy before administration. The company’s multiple myeloma prognosis and drug response prediction software is an innovative medical device already recognized by the Korea Food and Drug Administration and is targeted for commercialization in the United States in 2025.
About ImpriMed
ImpriMed, founded in 2017 in Silicon Valley, is a leading precision medicine startup revolutionizing cancer treatment with artificial intelligence. The company’s pioneering drug response prediction technology helps reduce costs, accelerate treatment, enhance efficacy, and improve the quality of life for patients. To date, the company’s technology has been deployed across more than 40 U.S. states, and 15,000+ canine and feline blood cancer tests have been performed as of 2023. ImpriMed is now poised to extend its groundbreaking AI-driven approach to human healthcare, redefining the future of oncology treatment with personalized, effective solutions.
For additional information, visit www.imprimedicine.com.
Contacts
Mary Placido
SKC, Inc.
mary@skc-pr.com
415.218.3627
