The round will be used to accelerate the Australian company’s healthcare analytics platforms into new therapy areas, grow its artificial intelligence capabilities, and expand into Asia Pacific.
Founded out of Sydney’s Cicada Innovations in 2012, Prospection was created by three friends (a medical doctor and two engineers) with a vision to transform how decisions about medicine distribution were made in Australia, by providing richer and more detailed insights around treatment outcomes.
What exactly does Prospection do?
Prospection uses predictive analytics and machine learning, with real-world healthcare data, to unearth insights that improve patient outcomes.
Prospection’s platforms are already used by 15 of the top 20 global pharmaceutical companies and by researchers like UNSW’s Kirby Institute, to better understand treatment outcomes across 70 therapy programs, including immuno-oncology, HIV and hepatitis.
Traditionally, decisions on broad-based patient treatments and outcomes have been on the results of clinical trials with small sample sizes. Prospection’s technology fills in the gaps about what happens when the trials ends, and the treatment begins. Using aggregated, real-world data and predictive analytics, Prospection’s software offers vital information to improve patient and community health outcomes.
In addition to further refining its technology, Prospection will use this funding round for global expansion. The Australian-based business already has clients across New Zealand, Japan, China and South Korea, and has identified further significant market opportunities in Asia Pacific. Prospection plans to establish a presence in South Korea and Japan in 2020.
What does this funding mean for Prospection?
Bill Bartee from Main Sequence Ventures, bringing a wealth of experience in deep technology applications and, Chris Liu of Horizons Ventures will join the Prospection Board of Directors.
Eric Chung, CEO and co-founder, Prospection, said: “At Prospection, delivering a real community benefit is at the core of everything we do. 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.”
Bill Bartee, Main Sequence Ventures, said: “Prospection holds huge potential for Australian and global healthcare. 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.”
Chris Liu, Horizons Ventures, said: “The Prospection team’s track record and their unique approach to healthcare analytics make it a stand-out in the market. We can’t wait to be a part of the next step in its journey as it expands in Asia Pacific, taking its market proven solutions to ultimately drive better patient outcomes across the region.”