Proscia, a company that uses artificial intelligence to treat and research cancer, has raised $37 million in series C funding.
Founded in 2014, the data-driven software developer uses digital images rather than microscopes to advance precision medicine and pathology in the oncology field. The company said the funding will help scale its commercial operations, grow its distribution partnerships and expand its sales, marketing and support teams.
"Pathology is a multibillion dollar market transitioning to digital," said Steve Holloway, executive director at market intelligence company Signify Research, in a June 14 Proscia news release. "Adoption has moved beyond the largest life sciences organizations and medical centers as the benefits have become increasingly clear, much like we saw when the digitization of radiology crossed an inflection point."
The investment round included Highline Capital Management, Triangle Peak Partners and Alpha Intelligence Capital and brought Proscia's total funding to $72 million. The firm said its users include 10 of the top 20 pharma companies, as well as the federal Joint Pathology Center.