Siemens Venture Capital Invests in BioImagene, Validating the Digital Pathology Space

Sat. October 25, 2008; Posted: 11:20 PM

Oct 24, 2008 BioImagene, a provider of scalable digital pathology solutions, announced that Siemens Venture Capital has joined as a new investor in the company.

The announcement follows the recent closing of a $26 million series D financing round led by Burrill & Company and the appointment of Dr Ajit Singh from the Image and Knowledge Group of Siemens Healthcare as CEO of BioImagene.

BioImagene said that it will use the investment to scale operations to extend their dominant position in digital pathology. The company intends to accelerate the adoption of digital pathology with continued product development and rapid expansion in the European and Asian markets.

G. Steven Burrill, Chairman, BioImagene said, "We are extremely pleased that Siemens Venture Capital has chosen to invest in BioImagene. Their extensive experience in oncology and radiology will help shape and expand the digital pathology industry."

"We invest in BioImagene because they truly understand workflows and have built a robust enterprise wide solution for pathologists," commented Anupendra Sharma, Investment Partner, SVC. "I am also very excited about the top management team because Dr. Singh, the incoming CEO from Siemens is going to complement the skills of Mohan Uttarwar, Founder of BioImagene, who will be the new Chief Strategy Officer for the company."

BioImagene provides comprehensive digital pathology solutions for acquiring, viewing, managing, analyzing, reporting and sharing images in the pathology laboratory. The company's innovative tools have improved productivity, quality of results and simultaneously lowered the cost of entry into digital pathology. Investors in BioImagene
include Ascension Health Ventures, Artiman Ventures, Burrill and Co, ICCP Venture Partners and National Healthcare Services.

About BioImagene

BioImagene is a leading provider of total digital pathology solutions for applications including clinical diagnostics and drug discovery. BioImagene products are FDA-cleared for specific clinical applications, and are intended for research use for other applications. www.bioimagene.com.

About Siemens Venture Capital:

Siemens Venture Capital (SVC) is the corporate venture organization for Siemens AG, one of the largest global electronics and engineering companies. SVC's goal is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens, particularly in the sectors Energy, Industry and Healthcare. To date, we have invested over 800 million Euros in more than 100 startup companies and 30 venture capital funds. SVC is located in Germany (Munich), in the U.S. (Palo Alto, CA and Boston, MA), in China (Beijing), in India (Mumbai), and is active through Siemens' regional unit in Israel. SVC is part of Siemens Financial Services. More information: www.siemensventurecapital.com