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Proscia Raises $9 million in Series C Financing Round Extension

NEW YORK – Digital pathology software developer Proscia confirmed that it has raised $9 million in an extension of an earlier Series C funding round.

The Philadelphia-based firm raised $37 million in the Series C funding round in June 2022 to scale its commercial operations by expanding its sales, marketing, and support teams as well as growing partnerships. A company spokesperson confirmed on Thursday that the firm had brought in the additional funding through an extension and that the additional funds will go toward accelerating the company's commercial growth of its Concentriq software.

The investors for the extension were Highline Capital Management, Triangle Peak Partners, Alpha Intelligence Capital, Scale Venture Partners, Hitachi Ventures, ROBO Global, Emerald Development Mangers, Razor's Edge Ventures, Flybridge Capital Partners, Fusion Fund, and RobinHood Ventures.

Proscia officials had said at the conclusion of the original Series C funding round that the investments had brought the company's total funding to $72 million, including an $8.3 million Series A round in 2018 and a $23 million Series B round in 2020.

The firm last month received US Food and Drug Administration 510(k) clearance for its Concentriq AP-Dx digital pathology software that is used to aid the viewing, interpretation, and management of digital slide images. Shortly after securing marketing clearance, the firm also announced that it had formed its Proscia Ready alliance of firms to improve the interoperability of hardware and software products and encourage the broader adoption of digital pathology.