14 Jun, 2022, 07:15 ET
Investment to solidify leadership position in response to rising demand
PHILADELPHIA, June 14, 2022 /PRNewswire/ -- Proscia®, a leader in digital and computational pathology solutions, has raised $37 million to advance the way we understand and treat diseases like cancer. The round includes participation from Highline Capital Management, Triangle Peak Partners, and Alpha Intelligence Capital as well as existing investors including Scale Venture Partners, Hitachi Ventures, ROBO Global, Emerald Development Managers, and Razor's Edge Ventures. This investment brings Proscia's total funding to $72 million.
Demand for digital pathology, which shifts the standard of cancer research and diagnosis from microscope to digital image, is rising to tap into the full potential of pathology data. Proscia has established itself as the sole player driving this complete modernization across both life sciences organizations and diagnostic laboratories. Its Concentriq® platform combines enterprise scalability with a broad portfolio of AI applications to accelerate breakthroughs and unlock clinical insights that advance precision medicine.
"Proscia is uniquely positioned to enable a new frontier of patient care," said Jacob Doft, CEO of Highline Capital Management. "Digital pathology is a critical catalyst in the acceleration of precision medicine, creating a wealth of new data that is driving novel therapies and optimizing diagnosis so that each patient receives the most individualized treatment. We are excited to be a part of Proscia's journey as it expands its leadership position with its AI-enabled platform."
Proscia's user base includes 10 of the top 20 pharmaceutical companies as well as the Joint Pathology Center, which selected Concentriq to digitize the world's largest human tissue repository of over 55 million slides. Leading reference laboratories and health systems, including LabPON, the first laboratory to reach 100% digital diagnosis, also rely on Concentriq.
"Pathology deserves the same revolutionary technology that has transformed the rest of medicine and our lives," said David West, Proscia's CEO. "Our Series C will enable us to continue delivering this innovation to the scientists and pathologists who are using it to improve patient outcomes. We are thrilled to partner with incredible investors who believe deeply in our mission as we take the next step in our journey."
The financing will enable Proscia to accelerate adoption of computational pathology, strengthening its market and product leadership. It will use the infusion of capital to scale its commercial operations. This includes expanding its sales, marketing, and support teams as well as growing distribution partnerships following its recent OEM agreement with Siemens Healthineers. Proscia will also increasingly focus on its regulatory strategy on the heels of its CE IVDR certification.
To continue offering the widest variety of AI applications on a single pathology platform, Proscia will invest in broadening its own portfolio of computational solutions and introduce a growing number of third-party applications onto Concentriq. It will build on the success of its DermAI® and AI breakthrough in melanoma detection as well as extend digital pathology's first suite of process automation solutions beyond Automated QC.
"Pathology is a multi-billion dollar market transitioning to digital," said Steve Holloway, Executive Director at Signify Research. "Adoption has moved beyond the largest life sciences organizations and medical centers as the benefits have become increasingly clear, much like we saw when the digitization of radiology crossed an inflection point."
Today's announcement comes as demand for AI-enabled pathology continues to grow. By breaking free from the limitations of glass slides, research organizations and diagnostic laboratories are overcoming a range of systemic challenges intensified by the rising cancer burden; drug development timelines average 12 years before patients gain access to new therapies, and the number of cancer cases is expected to rise 47% by 2040, putting added burden on a shrinking pathologist population. It is estimated that one billion slides will be digitized each year, fundamentally transforming the way we diagnose and treat patients in fulfilling the promise of precision care.
Proscia is a software company that is accelerating pathology's digital transformation to change the way we understand diseases like cancer. Its Concentriq digital pathology platform and powerful AI applications are advancing the 150-year-old standard of research and diagnosis towards a data-driven discipline, unlocking new insights that accelerate discovery, improve patient outcomes, and fulfill the promise of precision care. Leading diagnostic laboratories and 10 of the top 20 pharmaceutical companies rely on Proscia's software each day. For more information, visit proscia.com.
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