Digital pathology startup Proscia landed $23 million in Series B funding. The latest round was led by Scale Venture Partners with participation from Hitachi Ventures.
This comes roughly two years after the company closed its $8.5 million Series A round of funding.
WHAT THEY DO
The company’s main software platform is called Concentriq, which focuses on computational pathology. The tech uses artificial intelligence (AI) and was designed to help labs, health systems and life science companies interpret tissue data. It is able to combine image and data.
Proscia also has a product called Concentriq Dx, which helps with pathology workflow. For example, it is able to automate “action-based triggers” for assignments and track operational insights about a lab.
In addition, the company has a research tool that lets institutions share data and collaborate on pathology initiatives.
WHAT IT’S FOR
Proscia plans to use the new money to build out its commercial efforts and global sales and marketing. It is also looking at expanding its technology, in particular its AI application portfolio.
Additionally, it plans on seeking FDA and CE mark clearances in the future.
“We are excited for this next milestone in our journey,” said David West, CEO of Proscia. “Over the past few years, we have battle-tested Concentriq at leading organizations and demonstrated the unprecedented potential of AI. In welcoming Scale Venture Partners and Hitachi Ventures to the Proscia team, we are better positioned than ever before to drive a transformation that will impact millions of cancer patients and their families.”
THE LARGER TREND
Proscia isn’t the only digital pathology tool on the market. Paige.AI applies AI to pathology for cancer diagnosis and treatment. In 2018, it scored $25 million in Series A funding round to propel its efforts and then another $45 million in 2019. Deep Lens, a digital pathology startup out of Nationwide Children’s Hospital focused on oncology trials, scored $13.7 million in Series A round of funding in 2019.