Healthcare data analytics startup raises $45 million series B

Sydney health analytics startup Prospection, which uses AI and machine learning to provide patients insights on potentially life-threatening diseases, has raised $45 million in a series B.

The round was led by Ellerston Capital’s JAADE fund, chipping in $30 million, with the balance coming from existing backers, the CSIRO VC fund Main Sequence Ventures, and Hong Kong-based Horizons Ventures.

Prospection previously raised $10 million in its first external funding round in late 2019 from MSV and Horizon.

The venture was founded in 2012 at the deep tech incubator Cicada Innovations, by two engineers, Eric Chung and Ricky Chen, and Dr Peter Cronin.

Chung is CEO, Cronin head of data and partnerships and Chen, the CTO.

Prospection collaborates with governments, pharmaceutical companies and medical researchers across more than 80 therapy programs, including immuno-oncology, HIV, heart disease and hepatitis. It takes a wide range of data points, including from health and insurance records, and applies data analytics and machine learning capabilities to discover patterns in healthcare to potentially improve patient outcomes.

In doing so it accelerates the research insights from clinical trials, enlisting the AI-based technology to fill the gaps about what happens when the trials ends, and the treatment begins.

Following the 2019 raise, the company opened offices in South Korea and Japan and now operates across the Asia-Pacific region as well as the US and UK and the lastest cash injection will be used to ramp up the ventures presence in those two markets.

Among multiple products, the company uses geospatial mapping in a software platform called PharmMap, to reveal and navigate correlations between health and location and identify any emerging health trends.

Prospection’s PharmDash platform uses longitudinal data to do everything from understanding market dynamics to patient and pharma data analytics.

The company uses de-identified patient data to protect privacy

Bill Bartee from Main Sequence Ventures and Chris Liu of Horizons Ventures are on the company’s board.