Proscia Raises $37 Million in Series C To Accelerate AI Enabled Pathology

Pathology is a multi-billion dollar market transitioning to digital. It is estimated that one billion slides will be digitized each year, fundamentally transforming the way we diagnose and treat patients.

On June 14th Proscia announced that they have raised $37 million in Series C financing. Investors in this round include Highline Capital Management, Triangle Peak Partners, Alpha Intelligence Capital, Scale Venture Partners, Hitachi Ventures, ROBO Global, Emerald Development Managers, and Razor’s Edge Ventures. This financing will enable Proscia to accelerate adoption of computational pathology, scale commercial operations, and refine regulatory strategy. This investment brings Proscia's total funding to $72 million.

Proscia was founded in 2014 by a team from Johns Hopkins and University of Pittsburgh. The company, which has headquarters in Philadelphia, PA and Sligo, Ireland is accelerating AI enabled pathology to improve our understand serious diseases. The company is using digital pathology to transform the 150-year-old standard of research and diagnosis from microscope to digital image. Proscia is the leading company modernizing life sciences organizations and diagnostic laboratories.

The number of cancer cases worldwide is expected to increase by 47% by 2040. At the same time there's a global shortage of pathologists. Today there are slightly more than 102,000 pathologists spread over 130 countries worldwide. 2/3 of the pathologist workforce is located in just 10 countries. An increasing workload coupled with fewer pathologists could negatively impact patient care. AI-enabled pathology is addressing these challenges.

Image source: Proscia

Company Overview

• In 2015 launched Concentriq digital pathology platform.
• In 2019 released DermAI the first computational pathology application for dermatopathology.
• 10 of the top 20 pharmaceutical companies use Proscia’s software.
• Proscia has partnered with 6 major academic research centers
• 6,000 pathologists and scientists use Concentriq
• Proscia is collaborating with 12+ clinical AI partners with access to over 1 million whole slide images for AI research
• The Joint Pathology Center 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 uses Concentriq.

“Proscia is uniquely positioned to enable a new frontier of patient care. 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.”

Jacob Doft, CEO, Highline Capital Management

Proscia's Concentriq for Research is the digital pathology platform used by leading pharma companies and academic institutions to transform image-based research at scale. The platform unifies multi-site teams, data, and applications, harmonizing pathology operations to improve collaboration and unlock groundbreaking insights that accelerate discovery. Researchers use the platform for drug discovery, biomarker discovery, preclinical research, clinical trials, translational medicine, and precision medicine. The following companies use Concentriq for Research:

In March, Proscia announced a multi-year OEM agreement with Siemens Healthineers. As part of the agreement Siemens Healthineers will use Proscia’s Concentriq Dx platform. 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 extend digital pathology’s first suite of process automation solutions.

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Copyright © 2022 Margaretta Colangelo. All Rights Reserved.

This article was written by Margaretta Colangelo. Margaretta is Co-founder of Jthereum. She serves on the advisory board of the AI Precision Health Institute at the University of Hawaiʻi Cancer Center. She's based in San Francisco 

Twitter @realmargaretta