NEW YORK – Proscia said Wednesday that it has raised $50 million in new funding to support its commercial operations and expand adoption of its digital pathology software platform.
The Philadelphia-based company said that it has raised a total of $130 million to date. The recent funding round was led by the software investment firm Insight Partners with contributions from AI Capital Partners, Emerald Development Managers, GPG Healthcare, Fusion Fund, Interwoven Ventures, and Razor's Edge.
"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," Proscia CEO David West said in a statement.
The company said that the money will support its commercial activities that leverage OEM partnerships with Agilent Technologies and Siemens Healthineers. The firm will also use the funds to integrate artificial intelligence-developed technologies into its Concentriq digital pathology software and expand its portfolio of AI-based precision medicine tools.
A little more than a year ago, Proscia gained US Food and Drug Administration 510(k) clearance for its Concentriq AP-Dx software, which is used to aid the viewing, interpretation, and management of slide images for the primary diagnosis of cancer. The firm has since then formed an interoperability alliance with other digital pathology firms, updated its research-use-only Concentriq AP digital pathology software platform, and inked a deal to bring Owkin's MSIntuit CRC v2 colorectal cancer test to the company's digital pathology software platform.