NEW YORK – AI healthcare company Imagia Cybernetics said Wednesday that it has merged with oncology informatics firm Canexia Health, raising C$20M in venture capital funding.
The transaction is expected to close at the end of February, subject to shareholder approval. Financial terms were not disclosed.
The companies said the merger is supported by C$20 million ($15.8 million) in new funding, with participation from BDC Capital's Women in Technology Venture Fund, Desjardins Capital, and PacBridge Capital.
As a combined entity, Imagia and Canexia hope to increase access to precision oncology at the community level, where most cancer patients receive treatment. Between them, the two companies boast relationships with four pharmaceutical companies and 20 hospital systems and reference labs around the world.
They hope to improve precision medicine accessibility by using AI-based informatics to select treatments and monitor patients. The firms also hope to help clinical laboratories bring precision oncology testing in house.
"Combatting cancer is what Imagia set out to accomplish through advanced AI technology, and merging with Canexia speeds up our momentum to realize that goal," Imagia CEO Geralyn Ochab said in a statement.
Specifically, Imagia said that its technology, which preserves cancer healthcare data privacy via federated learning, enhances Canexia's tests by providing faster and more comprehensive insights.