Proscia Acquisition, Valuation, Funding & Investors
Proscia was acquired by Agilent for $240M in October 2026, a 13.3x multiple on $18M of revenue.
Proscia revenue at acquisition
$18M
Last twelve months · Oct 2026
Proscia revenue multiple at acquisition
13.3x
EV/Revenue · Oct 2026
Cumulative funding Proscia raised
$130M
across 7 funding rounds
About Proscia
Proscia is a Philadelphia-based digital pathology company providing the Concentriq platform for labs and pharma. The AI-powered system scans slides, detects biomarkers, and supports clinical trials with image management for over 20 million slides processed. Partnerships with Roche and Pfizer accelerate diagnostics in oncology and rare diseases.
Founded
2014
HQ
Philadelphia, PAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$18M (Oct 2026)
Valuation
$240M (acquired Oct 2026)
Proscia Acquisition
Proscia was acquired by Agilent for $240M on 13 October 2026.
The acquisition price implies a 13.3x revenue multiple on $18M of revenue.
Before the acquisition Proscia had raised $130M across 7 funding rounds.
Agilent Technologies (NYSE: A) announced on 13 October 2026 a definitive agreement to acquire Proscia, a provider of digital pathology software for clinical and life-sciences customers. The all-cash transaction is valued at USD 240 million payable at closing, with up to a further USD 30 million contingent on future performance milestones. Agilent said the purchase strengthens its existing position in pathology instrumentation and reagents by adding Proscia's vendor-agnostic digital pathology platform and established customer base, and that Proscia's recurring-revenue model adds a high-growth, high-margin software business to its pathology portfolio. Agilent President and CEO Padraig McDonnell said the acquisition meaningfully expands the company's presence in a fast-growing market. Proscia serves more than 4,000 laboratories, hospitals and clinics and 16 of the top 20 pharmaceutical companies, and reported trailing twelve months revenue exceeding USD 18 million. Its Concentriq platform supports biomarker research, clinical trials, companion diagnostics and case review, and its customers manage about 12 million cases a year. Proscia was started by David West, Coleman Stavish and Nathan Buchbinder as students and is headquartered in Philadelphia; in March 2025 it announced a USD 50 million financing. The buyer reported revenue of USD 6.95 billion in fiscal year 2025 and employs approximately 18,000 people.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 13 Oct 2026 | Strategic M&A | $240M | 13.3x |
Sources: proscia.com, reuters.com
Proscia Funding History
Proscia has raised a total of $130M across 7 funding rounds.
Proscia's first fundraising round was a $2M seed round in July 2016. The most recent completed round was a $50M Series D in March 2025.
Proscia funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2025 | Series D | Alpha Intelligence Capital (lead); Insight Partners (lead); Triangle Peak Partners (lead); GPG Healthcare; Avenue Capital Group; Interwoven Ventures; Razor's Edge Ventures; Fusion Fund; Emerald Development Managers | $50M | Proscia, a Philadelphia-based software company, develops the Concentriq platform to lead pathology's transition to digital and AI, powering precision medicine from drug discovery to diagnostics. On March 19, 2025, it raised $50M in funding led by Insight Partners, Alpha Intelligence Capital (AI Capital Partners), and Triangle Peak Partners, with participation from Avenue Venture Opportunities Fund, Emerald Development Managers, GPG Healthcare, Fusion Fund, Interwoven Ventures, and Razor’s Edge Ventures, bringing total funding to $130M. The capital supports commercial expansion, including OEM partnerships with Agilent Technologies and Siemens Healthineers, and AI enhancements to Concentriq. Proscia serves 16 of the top 20 pharmaceutical companies and anticipates 22,000+ daily patient diagnoses on its platform following record 2024 growth. The funding addresses challenges like rising cancer cases and pathologist shortages by accelerating targeted therapies, diagnosis, and patient-treatment matching. Concentriq underpins the precision medicine value chain, connecting life sciences and labs. By July 2025, Proscia reported 400% year-over-year growth to 32,000 daily diagnoses, with its diagnostic network generating high-margin revenue through real-world data licensing (12M+ slides across 2M patients), AI testbeds for pharma, and precision services like biomarker discovery. Earlier, Proscia raised $37M in a Series C (date unspecified, total funding then $72M) from Highline Capital Management, Triangle Peak Partners, Alpha Intelligence Capital, and others to advance computational pathology, expand Concentriq and DermAI, and grow headcount from ~100. The company integrates with 100+ LIS systems like Epic Beaker and offers extensive AI applications, positioning it as a leader in digital pathology amid partnerships and awards like the 2025 MedTech Breakthrough. |
| Jan 2024 | Series C | Triangle Peak Partners (lead); Scale Venture Partners; Flybridge; Hitachi Ventures; Razor's Edge Ventures; Fusion Fund; ROBO Global; Highline Capital Management; Robin Hood Ventures; Alpha Intelligence Capital; Emerald Development Managers | $9M | - |
| Jun 2022 | Series C | Scale Venture Partners; Triangle Peak Partners; Hitachi Ventures; Razor's Edge Ventures; ROBO Global; Highline Capital Management; Robin Hood Ventures; Alpha Intelligence Capital; Emerald Development Managers | $37M | Proscia is a Philadelphia-based software company providing digital and computational pathology solutions through its Concentriq platform, enabling AI applications to advance precision medicine, cancer diagnosis, and research. The company raised $37 million in its Series C funding round announced on June 14, 2022, with participation from new investors Highline Capital Management, Triangle Peak Partners, and Alpha Intelligence Capital, alongside existing backers Scale Venture Partners, Hitachi Ventures, ROBO Global, Emerald Development Managers, and Razor’s Edge Ventures. This brought Proscia’s total funding to $72 million following prior rounds including a $23 million Series B in December 2020 led by Scale Venture Partners. The Series C proceeds were allocated to accelerate adoption of computational pathology by scaling commercial operations, including expansion of sales, marketing, and support teams, and growing distribution partnerships such as its OEM agreement with Siemens Healthineers. Proscia aimed to strengthen its regulatory strategy after achieving CE IVDR certification and broaden its AI portfolio, building on successes like DermAI for melanoma detection and process automation tools like Automated QC. The platform supports a wide variety of AI applications from Proscia and third parties, positioning the company as a leader in transforming the 150-year-old pathology standard of care. Investor Jacob Doft of Highline Capital Management highlighted Proscia’s role in accelerating precision medicine through digital pathology data. Subsequent developments include a $50 million funding round in March 2025 led by Insight Partners, bringing total funding to $130 million amid record growth, with 16 of the top 20 pharmaceutical companies as users and over 22,000 daily patient diagnoses on Concentriq. |
| Nov 2020 | Series B | Scale Venture Partners (lead); Flybridge; Hitachi Ventures; Robin Hood Ventures | $23M | Proscia, founded in 2014, is a Philadelphia-based provider of digital and computational pathology solutions that aims to modernize the 150-year-old analog standard of cancer diagnosis. The company's Concentriq platform combines cloud-based digital pathology software with artificial intelligence applications to enhance accuracy and efficiency in analyzing tissue slides for diseases such as cancer. In December 2020, Proscia closed a $23 million Series B funding round led by Scale Venture Partners with participation from Hitachi Ventures (the corporate venture capital arm of Hitachi, Ltd.), bringing total cumulative funding to $35 million including its $8.3 million Series A. The company had previously raised capital from Flybridge Capital Partners, Emerald Development Managers, Fusion Fund, Razor's Edge Ventures, and RobinHood Ventures. In 2020, the company experienced approximately 11-fold year-over-year revenue growth. The Series B proceeds were allocated to accelerate global commercial expansion, including ramping up sales, marketing, and support teams; expanding its AI application portfolio beyond its initial DermAI offering; and advancing its regulatory strategy to secure FDA clearance, building on existing CE Mark and MDSAP certifications. The round recognized Proscia's position in a multi-billion-dollar market opportunity as pathology undergoes a fundamental digital transformation, with the company having secured partnerships including a notable OEM agreement with Siemens Healthineers announced by the time of its subsequent Series C in June 2022. |
| Sep 2018 | Series A | Flybridge (lead); SoGal Ventures (lead); Razor's Edge Ventures; Fusion Fund; Robin Hood Ventures; Emerald Development Managers | $8M | Proscia is a Philadelphia-based startup that develops a digital pathology platform to aid in cancer diagnosis through technology. The company raised $8.3 million in a Series A round on September 26, 2018, led by Flybridge Capital Partners, with participation from Fusion Fund, Emerald Development Managers, Razor’s Edge Ventures, and Robin Hood Ventures. Previously, Proscia secured $1 million in a 2016 seed round led by Emerald Development Managers, with Robin Hood Ventures, A-Level Capital, and TCP Venture Capital. Proscia's clients include Thomas Jefferson University Hospitals, Henry Ford Health System, and Johns Hopkins Department of Pathology. The Series A funding supports expansion of its digital pathology software, development of AI-enabled workflows targeting specific cancers, and growth in sales and marketing. The company plans to release AI-powered modules, starting with DermAI in December 2018. Proscia was co-founded in 2014 by CEO David West, CTO Coleman Stavish, chief product officer Nathan Buchbinder, and Hunter Jackson. |
| May 2017 | Seed | - | $900K | - |
| Jul 2016 | Seed | Emerald Development Managers (lead); TCP Venture Capital; A-Level Capital; Robin Hood Ventures | $2M | - |
Who has invested in Proscia?
18 investors have backed Proscia across its funding rounds, including Robin Hood Ventures, Emerald Development Managers, Razor's Edge Ventures, Flybridge, Scale Venture Partners and Fusion Fund.
Lead investors include Alpha Intelligence Capital, Insight Partners, Triangle Peak Partners, Scale Venture Partners, Flybridge and 2 other investors.
Proscia Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Philadelphia, PA | 5 | Participant | Jul 2016 | |
| New York City, NY | 5 | Lead | Jul 2016 | |
| Reston, VA | 4 | Participant | Sep 2018 | |
| San Francisco, CA | 3 | Lead | Nov 2020 | |
| San Francisco, CA | 3 | Lead | Jun 2022 | |
| New York City, NY | 3 | Lead | Sep 2018 | |
 Munich | 3 | Participant | Nov 2020 | |
| San Francisco, CA | 3 | Participant | Sep 2018 | |
 Luxembourg | 3 | Lead | Jun 2022 | |
| Dallas, TX | 2 | Participant | Jun 2022 | |
| New York City, NY | 2 | Participant | Jun 2022 | |
| New York City, NY | 1 | Lead | Sep 2018 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} GPG Healthcare | Boston, MA | 1 | Participant | Mar 2025 |
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Start Free TrialProscia Competitors
Proscia competitors include listed companies like Infinitt Healthcare and Airdoc, and private ones like PhAST Diagnostics, RapidAI, Nabla and ElMindA.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Private | - | - | $242M | - | |
| San Francisco, CA | Private | - | - | $234M | - | |
 South Korea | Publicly listed | $76M | $28M | $203M | - | |
 Paris | Private | - | - | $180M | - | |
 Herzliya | Private | - | - | $173M | - | |
 China | Publicly listed | $26M | ($3M) | $115M | 0.7x |
Proscia Public Comps
Proscia is no longer listed, but its public comps include EM Systems Co., Value HR, Spok, Healius, Atrys Health, Echo IQ, Ascom, Nordhealth, Infinitt Healthcare and MTI Ltd..
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $150M | $31M | 1.3x | 1.4x | 6.5x | 8.6x | |||
| $64M | $9M | 4.0x | 3.7x | 28.3x | - | |||
| $140M | $24M | 1.6x | 1.6x | 9.2x | 7.6x | |||
| $952M | ($70M) | 0.9x | 0.9x | (12.9x) | 4.9x | |||
| $158M | ($12M) | 2.2x | 2.0x | (29.1x) | 12.7x | |||
| $64K | ($13M) | 3931.8x | 562.6x | (19.5x) | (21.8x) | |||
| $358M | $39M | 0.5x | 0.5x | 4.9x | 4.3x | |||
| $57M | ($1M) | 3.4x | 3.0x | (165.6x) | 54.9x | |||
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Common questions about Proscia
| When was Proscia founded? | Proscia was founded in 2014. |
| Where is Proscia headquartered? | Proscia is headquartered in Philadelphia, PA, United States. |
| Is Proscia publicly listed? | No, Proscia was acquired by Agilent in October 2026. |
| Who acquired Proscia? | Proscia was acquired by Agilent in October 2026. |
| How much was Proscia acquired for? | Proscia was acquired for $240M in October 2026, a 13.3x revenue multiple. |
| How much funding has Proscia raised? | Proscia has raised $130M across 7 funding rounds. |
| What was Proscia's last funding round? | Proscia's last funding round was a $50M Series D in March 2025, led by Alpha Intelligence Capital, Insight Partners and Triangle Peak Partners. |
| Who are Proscia's investors? | Proscia's investors include Robin Hood Ventures, Emerald Development Managers, Razor's Edge Ventures, Scale Venture Partners, Triangle Peak Partners, Flybridge, Hitachi Ventures, Fusion Fund, Alpha Intelligence Capital, ROBO Global and 8 others. |
| Which companies are comparable to Proscia? | Companies comparable to Proscia include PhAST Diagnostics, RapidAI, Infinitt Healthcare, Nabla, ElMindA and Airdoc. |
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