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Proscia Raises $8.3M in Series A Round

NEW YORK (360Dx) – Proscia announced today that it has raised $8.3 million in a series A financing round.

The round was led by Boston-based Flybridge Capital Partners. Other participants in the financing included Emerald Development Managers, Fusion Fund, Razor's Edge Ventures, and RobinHood Ventures.

Proscia will use the funds to accelerate the use of artificial intelligence applications and expand the company's deployment of its digital pathology software. Proscia will also use the funds to increase sales and marketing of its current cloud-based digital pathology platform, which will act as the foundation of the firm's AI-based applications.  

According to Proscia, the capital will help fuel the development and commercialization of clinical artificial intelligence-enabled workflows targeting high-volume, high-impact cancers. The firm plans to launch its first AI-enabled, disease-specific module, DermAI, in December 2018.

"Digital pathology and artificial intelligence are unlocking new possibilities for pathologists in the fight against cancer," Proscia CEO David West said in a statement. "This funding … will allow us to expand the adoption of digital pathology, while creating intelligent systems that will unlock data from tissue to greatly enhance pathologists' productivity, increase access to care, and improve the way cancer is researched, diagnosed, and ultimately treated."

As part of the funding, Flybridge General Partner Chip Hazard and Razor's Edge Chief Technologist Tom Loftus have joined Proscia's Board of Directors.

"In addition to creating platform-agnostic software that is modernizing commercial labs, academic medical centers, and hospitals, Proscia is pioneering world's-first advancements in deep learning that have the potential to change cancer research," Hazard said in a statement.

Earlier this year, Philadelphia-based Proscia agreed to partner with Mikroscan to integrate the firm's products into its own digital pathology workflow management.