OREM, Utah–(BUSINESS WIRE)–January 18, 2018– Techcyte, Inc. closed a $4.3 million funding round to commercialize its digital pathology platform. The investors in this round include investors from previous rounds, employees and strategic partners. The funds will be used to accelerate selling to veterinary, human and air quality labs in the United States and international markets.
Ralph Yarro, the CEO of Techcyte, said, “Over the past year, Techcyte established key technical and distributional relationships around the world. This round will enable us to deliver the Techcyte deep learning SAAS platform to partners in the United States, Europe, China and Latin America.”
In addition to increasing marketing efforts and growing sales, the funds allow Techcyte to perform the clinical tests required for an FDA 510k. Techcyte is already in correspondence with the FDA for securing regulatory approval of its digital blood differential technology.
“Deep machine learning has proven to be an amazing tool to solve problems that were impossible to solve just a few years ago. Techcyte will make a significant difference speeding up results and impacting the bottom-line for labs around the world,” said Ben Cahoon, the COO of Techcyte.
In addition to creating the Techcyte digital pathology platform, Techcyte has been working with labs, doctors and experts around the world to annotate hundreds of thousands of images to feed into the deep learning algorithms. Over the next few months, Techcyte will launch algorithms to classify blood, ova and parasites, cervical mucus and mold spores. Techcyte’s SAAS platform is already used for storing and sharing large digital images, as well as for lab workflow, reporting and education.
Headquartered in Orem, Utah, Techcyte, Inc. was founded in 2013 as a tech transfer from the University of Utah with a mission to lower healthcare costs through artificial intelligence. Techcyte uses the power of deep machine learning to perform image analysis of whole slide images. Image analysis is required for widespread adoption of digital pathology in research, pharma, human, air quality and veterinary diagnostic testing.