Pathos AI, a New York company that develops its own cancer drugs with the help of an artificial intelligence platform, has closed a $237m Series E round at a post-money valuation of about $3bn. The pharmaceutical group Bristol Myers Squibb led the round, and existing investors also took part. Pathos announced the financing on 23 October 2026.
The company did not name the other investors in the round. Crunchbase News, which counted the deal among the largest venture rounds of the week, also reported the $237m figure and the valuation of around $3bn.
“We are building a platform to systematically improve the probability of success in drug development. Foundry has fundamentally accelerated our ability to identify highly promising clinical assets and integrate them into our pipeline. This capital allows us to rapidly scale our AI engine while actively steering our current programs toward key clinical milestones, ensuring we deliver the right therapies to the right patient populations.”Iker Huerga, CEO, Pathos AI
What Pathos does
Pathos describes itself as an AI and technology company that develops drugs rather than one that sells software to drugmakers. Its platform, called Foundry, runs thousands of specialised AI agents that gather everything known about a drug programme, including clinical results, genomic data, biological samples and the moves of competitors. The system then suggests the next decision for each programme.
The company says it uses Foundry to find clinical-stage drugs to bring in, to decide which patient groups a drug should be tested in, to change trial plans while they are running and to drop risky paths early. It keeps a running estimate of each programme's probability of success and makes portfolio decisions from it.
Over recent months Pathos used the platform to add drugs through a series of deals, and it now has four clinical-stage assets. They cover prostate cancer, multiple myeloma, a form of lung cancer driven by MET mutations, ER-positive breast cancer and solid tumours that express the TROP2 and HER3 proteins.
What the money is for
Pathos said the money will expand Foundry and speed up clinical work on its portfolio. The top priority is JSKN016, a bispecific antibody-drug conjugate that targets both TROP2 and HER3, which the company plans to take into registrational studies, the late-stage trials used to seek approval.
The round will also fund work on pocenbrodib in metastatic castration-resistant prostate cancer and relapsed or refractory multiple myeloma, on AZD4241, an oestrogen-receptor degrader partnered with AstraZeneca, and on DO-2, a MET kinase inhibitor.
Iker Huerga, chief executive of Pathos, said the company was building a platform to raise the odds that drug programmes succeed, and that the new capital would let it scale its AI engine while pushing its current programmes toward clinical milestones.
A wider deal with Bristol Myers Squibb
The financing came with a separate set of agreements announced the same day. Bristol Myers Squibb gets non-exclusive access to Foundry across its research portfolio and three years of exclusive rights to use it for its neuroscience programmes.
Pathos also signed a five-year, $55m agreement with the genomics company Tempus AI, which will build a de-identified dataset from hundreds of thousands of patients with Alzheimer's disease and other neurological conditions. Pathos will license that data and apply Foundry to it to study how the diseases progress and to help design more targeted trials, extending a method it first built for cancer.
For Bristol Myers Squibb, leading the round is part of a broader push to combine AI with its own disease expertise to make faster decisions in drug development. For Pathos, the deal links its largest backer to its first move outside oncology.
Company website: pathos.com