Monday, September 23, 2024 (Los Angeles, CA) Pictor Labs, a pioneering UCLA spin-off from the renowned Ozcan Lab at the UCLA Samueli School of Engineering, has announced the successful closing of its $30 million Series B funding round. The fundraising effort was led by Insight Partners, a global private equity and venture capital firm, with additional support from M Ventures, the corporate venture capital arm of Merck. The infusion of new capital will allow Pictor Labs to further develop and scale its cutting-edge AI-driven virtual tissue staining technology, a breakthrough in digital pathology that has the potential to significantly improve diagnostic precision, efficiency, and accessibility.
Pictor Labs was founded in 2019 by Dr. Aydogan Ozcan, a professor of electrical and computer engineering and bioengineering at UCLA and Dr. Yair Rivenson, a former postdoctoral member of the Ozcan Lab, with the vision of revolutionizing histopathology by addressing one of the field’s core challenges: the time-intensive and laborious nature of traditional tissue sample preparation and staining methods. The company’s innovative technology, which was initially developed in the Ozcan Lab at UCLA and subsequently licensed by Pictor Labs, allows for rapid and precise analysis of tissue samples without the need for traditional chemical staining. This virtual staining process leverages artificial intelligence to generate digitally stained images from raw, label-free tissue data, producing results that are comparable to or even superior to traditional methods in a fraction of the time. As a UCLA spin-off, Pictor Labs continues to build on the foundational research conducted within the university’s engineering and medical communities.
Dr. Rivenson, the CEO of Pictor Labs, expressed his enthusiasm about the funding round, noting that the support from Insight Partners and M Ventures will allow Pictor Labs to expand its operations, accelerate commercialization, and drive clinical adoption of its virtual staining technology. Dr. Ozcan further emphasized that the new funding will be instrumental in scaling the company’s capabilities to meet growing demand in both research and clinical settings.
In addition to the immediate benefits of speeding up the tissue analysis process, Pictor Labs’ virtual staining technology offers several long-term advantages. By eliminating the need for traditional staining methods, the technology reduces the reliance on costly and often hazardous/toxic chemicals, making the diagnostic process not only faster but also safer and more environmentally sustainable. Moreover, the AI-powered nature of the system allows for greater consistency and reproducibility in diagnostic results, which can be particularly beneficial in settings where access to expert pathologists may be limited.
The implications of Pictor Labs’ technology extend beyond pathology alone. Its ability to digitize and streamline the analysis of biological samples has the potential to impact a wide range of fields, including oncology, immunology, and drug development. The technology’s rapid turnaround time and high degree of precision make it an invaluable tool for both clinicians and researchers who rely on timely and accurate tissue assessments.
Pictor Labs’ success also reflects the growing trend of university-affiliated startups playing a central role in translating academic research into real-world applications. UCLA has a long history of fostering entrepreneurship and innovation through its technology transfer programs and startup incubators, and Pictor Labs stands as a prime example of how university research can be leveraged to create impactful technologies with global significance.
As Pictor Labs continues to evolve and expand its technological offerings, the company remains committed to its mission of revolutionizing pathology for the benefit of patients worldwide. With the backing of significant new funding and the support of its world-class research foundation at UCLA, the future looks bright for this promising UCLA spin-off.
Watch Ozcan’s discussion of Pictor Labs on UCLA TDG YouTube Channel: