Clarapath Closes $36M Funding Round to Transform Laboratory Processes

BCW Member Clarapath, a medical robotics company modernizing and transforming how pathology laboratories process tissue, has announced a $36 million Series B-1 funding round led by Northwell Ventures. Additional new strategic investors participated in the financing, including CU Healthcare Innovation Fund, Mayo Clinic, and Ochsner Ventures, bringing the company’s total funding to $75 million.

“Our strategic investors share in our mission to significantly overhaul this critical aspect of patient care that has long been overlooked,” said Eric Feinstein, CEO of Clarapath which is based in Hawthorne. “As labs adopt digital pathology downstream, automation in prior steps is crucial to establish consistent results and provide best-in-class samples for diagnostic review. Our automation and new digital tools capture and aggregate never-before-seen data, ultimately benefiting patients with faster results and less subjectivity.” Clarapath is a 2023 WIN Participant and award recipient.

“We identified Clarapath seven years ago as a company with a bold vision to radically change laboratory medicine and are committed to continued support of their progressive journey which will transform medical diagnostics,” said Rich Mulry, CEO of Northwell Holdings.

The discipline of pathology involves the microscopic examination of cells and tissue, underpinning the research, diagnosis and treatment pathway of nearly every disease type including: cancer; autoimmune conditions; degenerative diseases and others. Currently in the US, more than 12 million human and veterinary biopsies are performed each year, with millions more for biopharmaceutical drug safety. Today, a multi-prong crisis exists in laboratories that is driven by severe labor shortages, rising caseloads and an antiquated, manual process of preparing tissue samples.

Robotics and automated systems have been introduced in healthcare settings as a way to alleviate workforce issues and standardize, however most of the progress has been aimed at surgical robots or physical rehabilitation. With this latest round of funding, Clarapath is poised to be the first US-based company to develop and deploy a new category of ground-breaking healthcare robotics, machine vision and digital automation tools, elevating the standard for hospitals and patients.

With this new capital, Clarapath will further accelerate the commercialization of SectionStar™. The company will also leverage the funds to expand its sales and service, precision manufacturing capabilities as well as continue its robust R&D pipeline. Clarapath’s SectionStar is the first (pending US launch) all-in-one tissue sectioning and transfer system that dramatically increases capacity, reliability, and consistency while minimizing the need for highly skilled labor.