NEW YORK – Digital pathology company Proscia announced on Tuesday it has raised $23 million in a Series B funding round.
The Philadelphia-based firm said that the financing will go toward accelerating its commercial expansion and ramping up its global sales, marketing, and support teams. Proscia also plans on expanding its data assets and AI application portfolio, and the financing will help the firm progress its regulatory strategy to obtain approval from the US Food and Drug Administration for its products.
Scale Venture Partners led the Series B round and was joined by Hitachi Ventures. Proscia raised $8.3 million in its Series A round in 2018 and in total it has raised $35 million since its founding, the firm said.
"Digitization has swept through almost every domain of healthcare, and we are now seeing its revolutionary impact on pathology," Alexander Niehenke, a partner at Scale Venture Partners, said in a statement. "Proscia is a high-growth company with a unique platform-plus-AI approach that is enabling it to capitalize on a multibillion-dollar market opportunity."
In June Proscia announced a collaboration with Royal Philips to "advance an open ecosystem" to accelerate and scale the adoption of digital pathology by laboratories. That followed a deal announced in March with the University of California, San Francisco to introduce artificial intelligence into the practice of pathology.