Proscia, a Philadelphia, PA-based developer of digital pathology software, closed an $8.3m Series A financing.
The round was led by Flybridge Capital Partners with participation from Emerald Development Managers, Fusion Fund, Razor’s Edge Ventures, and RobinHood Ventures. As part of the funding, Chip Hazard and Tom Loftus, Chief Technologist at Razor’s Edge Ventures, have joined Proscia’s Board of Directors.
The company intends to use the funds to advance its digital pathology software and accelerate the use of artificial intelligence (AI) applications to drive accuracy and efficiency in cancer diagnosis, and to ramp up sales and marketing of its existing digital pathology platform, which will serve as the foundation for AI-based applications.
Founded in 2014, Proscia uses the image analysis capabilities of machines to augment human evaluations for reliable diagnosis.
Its cloud-based digital pathology platform is currently used by thousands of pathologists, scientists, histotechnicians, and lab managers at more than 300 clinical and research facilities worldwide, including, Driver, Henry Ford Health System, Hospital Puerto Montt, Johns Hopkins Department of Pathology, and Thomas Jefferson University Hospitals.
The modular platform integrates with labs’ environments and complex technology ecosystems, enabling them to:
– Adopt digital pathology on their own terms by rolling out new features and capabilities as they embark on the path to AI-enhanced pathology
– Create new image-based workflows that streamline operations and reduce turnaround times and costs
– Open up new imaging and analytics revenue streams
– Protect and future-proof current investments in hardware and other infrastructure
– Improve diagnostic efficiency and quality to improve patient outcomes
This platform will serve as the launchpad for a series of AI-enabled, disease-specific modules, the first of which, DermAI™, will be released in December 2018.