Philadelphia-based Proscia has secured $50 million in fresh capital, bringing its total funding to $130 million since it was launched in 2014, writes John George for the Philadelphia Business Journal.
The Series B round was led by New York-based global software investor Insight Partners, AI Capital Partners of Singapore, and Palo Alto’s Triangle Peak Partners. Avenue Venture Opportunities Fund, Emerald Development Managers, GPG Healthcare, Fusion Fund, Interwoven Ventures, and Razor’s Edge also participated.
The Center City digital pathology services company will use the proceeds to advance the commercialization of its technology, led by the AI-driven Concentriq software platform.
Concentriq enhances and streamlines the interpretation, storage, and sharing of digital biopsy images.
Last year, the company got the green light from the Food and Drug Administration to market Concentriq to diagnostic laboratories nationwide. The platform had already been in use by pharmaceutical and biotechnology companies for research.
According to the company, 16 out of the top 20 pharmaceutical companies use Concentriq.
“We are living through an extraordinary moment in medicine,” said Proscia CEO David West. “Demand for advanced diagnostics is surging, digital pathology is gaining global traction, and AI is moving faster than the boldest predictions made just a few years ago.”
Read more about Proscia and how its latest round of funding will advance its efforts in the Philadelphia Business Journal.
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