PathologyWatch Raises $5M in Series A Funding to Speed Adoption of Digital Dermatopathology Solutions
Funding Led by SpringTide Investments and Rock Creek Capital
SALT LAKE CITY, MAY 11, 2020—PathologyWatch announced today a $5M series A funding led by SpringTide Investments and Rock Creek Capital with additional funding by individual investors. PathologyWatch is emerging as the groundbreaking leader of intuitive, easy-to-implement digital dermatopathology solutions that can speed the diagnostic process while reducing costs to clinics and enhancing patient care.
PathologyWatch will utilize this series A funding to strengthen outreach to dermatology clinics nationwide. Over 12 months, it expects to triple its sales force while expanding marketing efforts and implementing a strong channel partner strategy. The funding also represents a continued investment in the development of technology and supervised artificial intelligence (AI) for various cancer lines.
PathologyWatch differentiates itself from competitors by offering fully interfaced EMR (Electronic Medical Records) reporting and 24/7 access to digital slides. Clients also have access to top dermatopathologists and the option to interpret and bill for their cases. PathologyWatch is further distinct by its primary focus on outpatient clinics.
Changing “How Pathology Operates by Transforming Biopsy Diagnostics”
“We believe PathologyWatch will change how pathology operates by transforming biopsy diagnostics,” said Austin Waters, principal at SpringTide Investments. “PathologyWatch has created a platform to digitize pathology workflows and is a leading developer of AI algorithms that detect and characterize cancers from biopsy samples. The quality and breadth of their solution, and their early success in dermatopathology, is why we’re bullish on the future of this company; PathologyWatch is redefining biopsy diagnostics as we know it.”
First Live Clinical Implementation of Dermatopathology AI with Ability to Generate Complete Reports
“We have the first live clinical implementation of dermatopathology AI that can generate a full report and make physicians significantly more efficient in Australia, as we’re working alongside physicians to better diagnose skin cancer,” said PathologyWatch co-founder and CEO Dan Lambert.
Benefits the Patient by Merging Clinical Observations with Pathology
“PathologyWatch is a game changer,” said Jeffrey Smith, Dermatologist, Prairie Lakes Healthcare System. “Digital access to my cases, expert dermpath reads, and an EMR interface– not to mention the time savings and increase in revenue for our hospital, all while keeping our patients in-network. Most importantly, this benefits the patient by merging clinical observations with pathology.”*
The “Future of Dermatopathology for Dermatologists”
“I believe PathologyWatch is the future of dermatopathology for dermatologists. The group combines academic expertise with the efficiency of a private lab. It is a huge timesaver for me and my staff,” said April Larson, Dermatologist. “By reviewing my own cases, I am able to make better clinical decisions for my patients. It’s a win-win for everybody.”
For more information on PathologyWatch, please visit pathologywatch.com.
PathologyWatch is the groundbreaking leader of digital dermatopathology services. Through two programs, ValueWatch and BusinessWatch, dermatology clinics and hospitals can improve operational efficiency by speeding up workflow and improve patient outcomes by utilizing the PathologyWatch expert professional team and partner laboratory services. This can facilitate best-in-class reads and, in some cases, enable additional revenue to the practice by in-housing pathology.* With an intuitive and easy-to-implement digital pathology solution that includes access to top-tier dermatopathologists and a streamlined clinical workflow that interfaces directly into the EMR, PathologyWatch brilliantly combines state-of-the-art technology and clinical decision making to deliver unprecedented patient care.
About SpringTide Investments
SpringTide is a network of experienced healthcare founders, operators, and investors in the healthcare space. With over $350M in collective exits across 4 startup companies, our Managing Partners are driven to provide access and support for fellow entrepreneurs who are expanding access to quality healthcare.
About Rock Creek Capital
A venture and equity investment firm, Rock Creek Capital is a Utah-based fund. Focused on growth equity, the fund helps entrepreneurs and founders of companies scale successfully.
*PathologyWatch dermatopathologists use an independently validated digital software platform. The systems referenced are not FDA approved for use in primary digital diagnosis. Digital images may be made available to referring dermatology providers upon request through a digital display. Displays used are FOR EDUCATION AND RESEARCH USE ONLY, NOT FOR USE IN DIAGNOSTIC PROCEDURES. When referring providers or other providers choose to perform primary interpretation on any specimen, the corresponding glass slides are mailed for diagnostic purposes. For more information, please contact [email protected].