Troutman Pepper advised Proscia, an AI company focused on computing, visualization, and machine learning to aid pathologists more rapidly diagnose cancer and other diseases, in raising $37 million in funding. This new round of funding, Proscia’s second since 2020, brings its total to $72 million. Read a company press release about the financing.
Proscia’s platform, Concentriq, allows diagnostic laboratories and life sciences companies to use its cell engineering and gene editing technologies to create new therapies that address unmet clinical needs. Proscia’s solution is currently being employed by 10 of the top 20 pharmaceutical companies.
The new funding will be used to accelerate Proscia’s technology and scale its commercial operations, including its sales, marketing, and support teams. Proscia will also be looking to grow distribution partnerships, focus on its regulatory strategy, and invest in broadening its portfolio of computational solutions. Since its last funding, the company launched a new quality control application, Automated QC, that leverages AI to improve quality and efficiency in data-driven drug development.
Corporate Partner Thomas Dwyerled the team advising Proscia, and was supported by partners Dan Anziska (CFIUS) and Michael Crumbock (Benefits), counsel Thomas Phelan (Tax), and associates Ethan Zook, Raffaele Cicala, and Jake McDonough (Corporate).