Exclusive: Proscia pulls in $50M for digital pathology
Proscia, a pathology digitization software provider, received $50 million in unlabeled funding from Insight Partners, CEO David West tells Axios exclusively.
Why it matters: Investors see pathology as a new frontier for automation and AI in health care provision, similar to radiology.
Zoom in: Alpha Intelligence Capital's US fund and Triangle Peak Partners joined, alongside Avenue Capital Group, Emerald Development Managers, GPG Healthcare, Fusion Fund, Interwoven Ventures and Razor's Edge.
How it works: Founded in 2014, Philadelphia-based Proscia's software digitizes data from biopsy slides to help pathologists accelerate diagnoses.
It has over 100 customers, including publicly traded contract research organizations Iqvia and Labcorp, as well as pharmaceutical companies AbbVie, Amgen, Bristol-Myers Squibb, Bayer and Takeda Pharmaceutical.
Its software scans 20,000 images daily. West declined to disclose revenue for the company, which has raised $130 million to-date.
What they're saying: West says the fundraise allows leadership to build a public-scale company and not be concerned about runway.
"An IPO could open doors with more capital to invest in groundbreaking technology and broaden our reach to serve customers," says West.
What's next: Fresh funds will help Proscia develop more algorithms for biomarker discovery, clinical trials and companion diagnostics.
"Most people know large language models — there's also large vision models and vision language models that really open up this totally new possibility, especially in an area producing lots of image and text data," West says.
The big picture:"There's a secular trend of the digitization of pathology," says Insight Partners managing director Scott Barclay, adding that the sector "is 10 to 20 years behind radiology."
The Trump administration's proposed cuts to the National Institutes of Health funding could have ripple effects for biopharma budgets — heightening demands for efficiency, says West.
"I anticipate that digital pathology will become even more essential for CROs so that they can pass these benefits along to the pharmaceutical companies they serve," West adds.
By the numbers: A persistent pathologist shortage is further ratcheting up demand for digital solutions.
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