Sydney healthcare analytics provider Prospection has raised $10 million in its first external funding round. The company says the funds will be used to expand its analytics platform into new therapy areas, enhance its artificial intelligence capabilities, and grow into the APAC market.
The CSIRO’s Innovation fund, Main Sequence Ventures, and private tech equity firm Horizon Ventures led the funding.
Founded in 2012 by a medical doctor and two engineers, Prospection uses predictive analytics and machine learning with healthcare data in a platform which ‘“fills in the gaps” between clinical trials and treatment across 70 therapy programs, according to the company.
Prospection says its platform is already used by 15 of the top 20 global pharmaceutical companies and by researchers including UNSW’s Kirby Institute.
“At Prospection, delivering a real community benefit is at the core of everything we do,” said Prospection CEO and cofounder Eric Chung.
“Ultimately, we want to help improve outcomes for patients through better insights and predictive analytics. Main Sequence Ventures and Horizons Ventures understand the long term vision we have to deliver better healthcare and the technology we’re developing to get there. We couldn’t have better partners backing us in the next stage of our growth.”
Prospection notes clients across Australia, New Zealand, Japan, China and South Korea, but says the new funds will help it move further into Asia Pacific, with plans to establish a presence in South Korea and Japan this year.
“Prospection holds huge potential for Australian and global healthcare,” said Main Sequence Ventures’ Bill Bartee.
“The team’s innovative analytics platforms have already delivered tangible, real-world outcomes for the medical community — whether that’s in research and treatment, or pharmaceutical development. Technology has the power to radically transform healthcare, opening access to care and making treatments more effective. We’re thrilled to have this Australian pioneer join the Main Sequence portfolio and support their expansion in Asia Pacific.”