Altis Labs Raises Significant Series A Funding
Altis Labs, a healthtech company based in Toronto, Ontario, has secured $25 million in a Series A funding round. This investment was co-led by OrbiMed and Qiming Venture Partners USA. Altis Labs specializes in using artificial intelligence to improve clinical trials for cancer treatments.
Focus on AI-Powered Prognosis
The company aims to utilize the new funds to enhance its AI-powered prognosis platform, IPRO. This platform is designed to provide drug developers with early and reliable survival predictions by analyzing radiology scans. According to Altis Labs' CEO, Felix Baldauf-Lenschen, "IPRO has the potential to detect treatment effects much earlier than traditional methods."
Expanding AI Applications
Altis Labs plans to apply its AI models to a broader array of cancer types and expand partnerships with global biopharmaceutical companies. The company also aims to establish AI endpoints as a standard measure in oncology trials. In a recent lung cancer trial, IPRO analyzed approximately 10,000 radiology scans, delivering prognostic outcomes that were detected significantly earlier than traditional methods.
Strategic Use of Funds
The $25 million raised in this round will be directed towards expanding the platform's capabilities and integrating it into more clinical trials worldwide. This is expected to enable faster and more accurate assessments of treatment effects, ultimately benefiting drug development and patient outcomes.
Why Toronto?
Felix Baldauf-Lenschen, who founded Altis Labs after moving from San Francisco to Toronto, cites the city's "world-class" AI talent and healthcare infrastructure as key reasons for the company's location. This environment has been instrumental in the development and success of Altis Labs' innovative technologies.