Prospection raises USD 45 Mn in a Series B round to expedite growth

Date: 2021-09-14   Author: Pankaj Singh  Category: #news

Prospection raises USD 45 Mn in a Series B round to expedite growth

Prospection, a global healthcare data technology firm, has reportedly secured a Series B round of USD 45 million from institutional investors, initiated by new investors Ellerston JAADE. Current investors Horizons Ventures and Main Sequence also took part in the funding round.

The health tech company utilizes real-world data which powers evidence to deliver efficient patient outcomes. Its powerful AI-based algorithms follow millions of patients that are de-identified over time to search for health patterns and the journey of their treatment.

Reports suggest that these algorithms can take in multiple longitudinal commercial as well as patient datasets across the world from different sources like insurers, healthcare institutions/providers, governments, and health records to generate accurate and rich information at faster speeds.

These datasets are converted into workable medical insights to help get the best patient treatment plan, as well as seek out patients who would benefit from enhanced therapeutic decisions and be mentioned as evidence that can be published into scientific journals.

Chief Executive Officer Eric Chung quoted that as per real-world data, around 10% of patients are on treatments that are possibly harmful, while 30% of patients are wasting their money or time on a below-par treatment.

He added that the insights from the company have the potential to change clinical behavior by assisting doctors in choosing the best therapy for a particular patient. This funding round allows the company to act on a global scale and create a bigger impact, said Chung.

Prospection has an extensive consumer base that comprises 36 multinational companies across New Zealand, Australia, South Korea, China, and Japan. The company also has an early presence in the United States along with the United Kingdom.

The Australia-based company was co-founded by Head of Data & Partnerships Dr. Peter Cronin, Chief Executive Officer Eric Chung, and CTO Ricky Chen, who were motivated to protect patients from the harm caused by wrong medical treatments or by consuming suboptimal medicines.

Source credits:

https://www.businesswire.com/news/home/20210913005921/en/Prospection-Secures-45-million-to-Accelerate-Growth-of-its-Powerful-Healthcare-Insights-Technology



About Author


Pankaj Singh linkdin-boxtwitter

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

Post Recommendents

APAC, Europe, America region to generate massive revenues for Deep Learning in Security market by 2028

Author: Ashwin Naphade

MarketStudyReport.com presents latest report on global Deep Learning in Security Market, which evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensiv...


APAC, Europe, America region to emerge as lucrative growth avenue for Deep Learning in Healthcare market by 2028

Author: Ashwin Naphade

Market Study Report recently added a new title on 2022-2028 Global Deep Learning in Healthcare Market Report from its database. The report provides study with in-depth overview, describing about the Product, Industry Scope and elaborates market ou...


Deep Learning in Manufacturing market report reveals profitable prospects over 2022-2028

Author: Ashwin Naphade

Market Study Report has recently added a report on Deep Learning in Manufacturing Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major cha...