A US-based pathology software provider has completed a $50m fund raise to advance its artificial intelligence (AI)-driven digital pathology platform.
Currently used by 16 of the 20 leading players in the pharmaceuticals space, Proscia’s Concentriq platform is comprised of three solutions designed to advance image-based scientific workflows and pathology labs’ digitisation efforts.
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Concentriq AP-Dx, a solution that allows pathologists to view, interpret, and manage whole slide images, gained US Food and Drug Administration (FDA) clearance in 2024. To support the clearance, Proscia conducted a multi-site clinical study, which demonstrated that diagnoses made using the platform solution were non-inferior to traditional glass slide reads, with a major discordance rate for digital slides reads versus those read under a microscope of 0.1%.
Proscia plans to use the latest funding to further the adoption rate of Concentriq, which it said would involve development of its existing Original Equipment Manufacturer (OEM) partnerships with Siemens Healthineers and Agilent Technologies.
In addition, the funds will expand the company’s precision medicine AI portfolio, which currently includes AI-driven tools to detect and segment images with artifacts to optimise quality control processes and quantify CD15 positive cells in kidney cancer and Hodgkin’s lymphoma.
Building on Proscia’s Concentriq Embeddings, a tool that has introduced foundation models to the platform, meaning that users can develop their own AI algorithms within the system, the company plans to enable users to develop and deploy further algorithms for functions such as biomarker discovery on its platform.
Foundation models are machine learning- or deep learning-based models that are trained on vast datasets for application across a wide range of use cases.
Bringing Proscia’s total funding to around $130m, the funding round was led by software investor Insight Partners, AI Capital Partners, and Triangle Peak Partners. Investors including Emerald Development Managers, GPG Healthcare, and Razor’s Edge also participated.
We are living through an “extraordinary moment” in medicine, stated Proscia CEO David West.
“Demand for advanced diagnostics is surging, digital pathology is gaining global traction, and AI is moving faster than the boldest predictions made just a few years ago. Patients are waiting to realise the future of precision medicine. With this investment, we will ensure that more pathologists and scientists can deliver it.”
Research indicates that 70% of diagnoses in research areas such as oncology and heart disease are reliant on pathology.
According to a report by GlobalData, AI in pathology is the third most lively innovation area for AI-based technologies.
Other companies with digital pathology solutions include Epredia, which gained FDA clearance for the E1000 Dx digital pathology workflow solution this month, and Roche, which gained FDA clearance for the diagnostic use of its whole-slide imaging system, Roche Digital Pathology Dx, last year.
