Digital pathology software developer Proscia raised $50 million in new funding to accelerate the adoption of its AI-powered pathology platform.
The Series C fundraising round was led by Insight Partners, with participation from AI Capital Partners, Triangle Peak Partners and several other healthcare-focused investors. The financing brings Proscia’s total capital raised to $130 million.
Proscia said the funding comes on the heels of a year of growth for the company. It said that it now serves 16 of the top 20 pharmaceutical companies, and its Concentriq platform is on track to support diagnoses for more than 22,000 patients per day in 2025.
“The funding enables us to bring the full promise of AI-driven pathology to a broader community of pathologists and scientists,” CEO David West told Drug Discovery & Development. “It isn’t about just expanding the applications available on Concentriq. It’s about weaving AI throughout the core of our platform to optimize all aspects of drug discovery, development, and delivery for more life sciences organizations and diagnostic laboratories.”
[Related: How Proscia is using AI embeddings to transform drug discovery in pathology]
Proscia designed its AI-based platform to digitize and streamline pathology workflows to help move labs from traditional microscopes to data-rich digital images. The company said its software supports applications from drug discovery to diagnostics.
“We are living through an extraordinary moment in medicine,” CEO David West said in a news release. “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. Patients are waiting to realize the future of precision medicine. With this investment, we will ensure that more pathologists and scientists can deliver it.”
Pathology has been slower to adopt digital tools than other areas of healthcare, according to Proscia. The company wants to close that gap by putting AI directly into its diagnostics platform to help clinicians make faster, more accurate decisions and allow life sciences firms to advance biomarker discovery and companion diagnostics.
Filed Under: Drug Discovery, Immunology
