PictorLabs Launches with More Than $18.8 Million to Advance Transformative Virtual Staining

– PictorLabs, Inc., a digital pathology company developing
an AI-powered virtual staining platform to revolutionize histopathology and accelerate clinical
research with the goal of improving patient outcomes, today announced its launch with the
completion of a $15.2 million financing round led by M Ventures, SCC Soft Computer, and Koç
Holding. Since its founding in 2019, PictorLabs has raised $18.8 million to commercialize virtual
staining and reimagine the future of histopathology. Pioneered by co-founders Aydogan Ozcan,
Ph.D., UCLA Chancellor’s Professor, and Yair Rivenson, Ph.D., PictorLabs Chief Executive Officer
and Chief Technology Officer, the company’s technology applies deep learning algorithms to
efficiently and accurately stain tissues in silico, producing near-instantaneous virtual stains.
From a single unstained tissue sample, PictorLabs’ proprietary platform can produce an
unlimited number of virtual stains that are indistinguishable from analogous chemical stains.
Current histopathology practices have remained largely unchanged for decades and involve
complex chemical-based tissue staining processes with many challenges including prolonged
time to results, tissue sample limitations, inconsistent quality of results, and chemical waste
generation which can complicate and delay research and patient diagnoses. PictorLabs’ novel

approach enables the production of unlimited virtual stains from a single unstained tissue
sample – eliminating the need for chemical staining, reducing the time to results, and allowing
for repeated biomarker testing without the need for multiple tissue samples.
“PictorLabs’ platform overcomes inherent issues in histopathology through the application of
AI-powered algorithms that produce virtual stains which are indistinguishable from their
chemistry-based counterparts. By virtually staining tissue images in the digital realm, our
approach simplifies and accelerates workflows, speeding up drug discovery and diagnostic
decision-making with the goal of ultimately improving patient outcomes. With the support of
our experienced investors, we’re now well placed to systematically expand our platform” said
Dr. Rivenson.
To date, PictorLabs has demonstrated successful virtual staining for several well-validated
disease biomarkers and is pursuing additional opportunities in disease areas with high unmet
need. PictorLabs will use this latest round of funding to expand its biomarker portfolio, develop
novel products, grow the company’s talent base, and build out its corporate infrastructure.
“At M Ventures, we are excited by the results demonstrated by PictorLabs’ virtual staining
technology, confirming the broad research potential of its best-in-class platform. We are
excited to support PictorLabs in transforming the practice of histopathology while seamlessly
integrating within the existing healthcare paradigm, to better support the needs of researchers,
clinicians, and importantly patients” said Dr. Bauke Anninga, Principal, M Ventures.

“We’re excited to see PictorLabs advance this next-generation virtual staining technology,” said
Melih Poyraz, Koç Holding’s Strategy and Business Development Director. “With the leadership
of their talented team of seasoned engineers, physicians, scientists, and entrepreneurs, who
hold an extensive track record of success in bringing medical technologies to market, we look
forward to seeing PictorLabs further develop their novel technology to elevate and accelerate
the histopathology workflow.”
Recently, PictorLabs established a partnership with Charles River Laboratories as part of their
sustainability initiatives to reduce water consumption and chemical waste through the
adoption of PictorLabs’ virtual staining technology – demonstrating the rigor of PictorLabs’
technology in a highly productive research setting.

Press Release

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