Digital pathology specialist, Proscia has raised about $8.3 million of a series A round. The Philadelphia-based company has developed a software that uses artificial intelligence (AI) to change the way cancer is diagnosed.
Proscia’s digital pathology platform is currently used by thousands of pathologists, scientists, histotechnicians, and lab managers at more than 300 clinical and research facilities worldwide. The cloud-based, modular platform integrates easily with labs’ environments and complex technology ecosystems.
“We’re trying to change the way that pathology is practiced and the way cancer is diagnosed,” David West, Proscia CEO, told MD+DI. “Cancer has been diagnosed pretty much the same for the past 150 years since we started using the microscope to look at human tissue.”
He added, “ultimately, it’s these deeply-rooted archaic systems that cause laboratory medicine or really the business of pathology to be under very intense financial pressure right now. The number of pathologists is decreasing and these labs need to do more with less. When you have volume increasing and fewer [pathologists] to read those slides, there’s a limit to what those human beings can do. That’s where AI can help speed up the process and eliminate that subjectivity problem.”
Proceeds from the financing will be used to expand the deployment of the company’s digital pathology software and accelerate the use of AI applications to drive accuracy and efficiency in cancer diagnosis. The capital raised will fuel the development and commercialization of new, clinical AI-enabled workflows targeting high-volume, high-impact cancers, the first of which will be available later this year.
Proscia said it will also use the funds to ramp up sales and marketing of its existing cloud-based digital pathology platform, which will serve as the foundation for its AI-based applications. Combined, these technologies will redefine the field of pathology and be the impetus that moves human healthcare forward.
The funding was led by Boston-based Flybridge Capital Partners and included Emerald Development Managers, Fusion Fund, Razor’s Edge Ventures, and RobinHood Ventures.