Proscia Secures $46M in Series C Funding, Advancing AI-Driven Pathology into the Mainstream

Proscia Secures $9 Million in Series C Extension, Expanding Digital Pathology Solutions

Proscia, a leading provider of digital pathology software, has successfully raised $9 million in an extension of its Series C funding round, increasing the total amount to $46 million. This funding follows Proscia’s recent FDA clearance for its software platform, positioning the company to enhance its presence in the U.S. diagnostic market.

The Series C extension was led by Highline Capital Management and Triangle Peak Partners, with additional support from existing investors including Alpha Intelligence Capital, Scale Venture Partners, and Hitachi Ventures. The funds will accelerate Proscia's commercial growth and further the development of its AI-powered applications tailored for life sciences and diagnostic laboratories.

“We're thrilled about this regulatory clearance, which enables us to sell our diagnostic products in the U.S. market at a critical time,” said David West, cofounder and CEO of Proscia. “This funding will help us advance our mission to transform the diagnosis and treatment of diseases like cancer by leveraging the power of digital pathology and AI.”

Harnessing Digital Pathology and AI

Proscia’s software platform is already utilized by 14 of the top 20 pharmaceutical companies, effectively using extensive pathology image data to propel drug discovery and development. With the FDA clearance, Proscia is set to introduce its digital pathology solutions to diagnostic labs, responding to the challenges posed by a global pathologist shortage and rising cancer rates.

“Pathology data is incredibly infrastructure-intensive, significantly larger than other medical data,” West explained. “That’s why companies like Nvidia emphasize AI in life sciences and the necessity for powerful GPUs. We collaborate with cloud providers like AWS and Azure to facilitate enterprise-scale operations.”

Proscia’s open platform approach fosters the development and deployment of AI applications targeting specific diseases and use cases. “Our model is similar to OpenAI’s ChatGPT app marketplace,” said West, highlighting its collaborative nature.

Leading the Digital Pathology Evolution

As digital pathology adoption is projected to reach full implementation in the next 5-7 years, Proscia is strategically positioned to lead this transformation. The company’s AI applications streamline tasks such as quality control and tumor identification, allowing pathologists to focus on more complex analyses.

“Silicon Valley has largely overlooked pathology,” West noted. “It's a challenging, regulated space with extensive data. However, it's a significant market with immense potential. We believe that pathology deserves exceptional software.”

With its recent funding and FDA clearance, Proscia stands ready to make a substantial impact, ushering in a new era of data-driven, AI-enhanced pathology that ultimately aims to improve patient outcomes. As the convergence of digital pathology and AI intensifies, Proscia’s open platform and enterprise-scale solutions position it as a pivotal player in the rapidly evolving healthcare technology landscape.