Prospection Secures A$10 Million to Further Boost it's Analytics Platforms

Prospection has clients across New Zealand, Japan, China, and South Korea and plans to establish a presence in South Korea and Japan this year

Apac CIOOutlook | Tuesday, February 18, 2020

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Prospection has clients across New Zealand, Japan, China, and South Korea and plans to establish a presence in South Korea and Japan this year

FREMONT, CA: Prospection, an Australian-based healthcare analytics startup, raised A$10 million in Series A round of financing led by Main Sequence Ventures’ CSIRO Innovation Fund and Horizons Ventures. The newly raised capital from the fund will be used to boost the company’s healthcare analytics platforms into new therapy areas, grow its artificial intelligence capabilities, and expand into the Asia Pacific.

Prospection was founded out of Sydney’s Cicada Innovations in 2012, and the company uses predictive analytics and machine learning, with real-world healthcare data, to unearth insights that improve patient outcomes. Their 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.

“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,” said Eric Chung, CEO, and co-founder

Prospection has two primary products/platforms listed on their website. PharmDash is its flagship platform, which was developed in-house and launched in 2012, which helps analyze what drugs a patient is taking, how they progress through different treatments, and how the drugs help them treat their disease. The other platform is PharmMap, which allows users to integrate commercial and operational data to a single view using geospatial mapping algorithms.

The Australian company has clients across New Zealand, Japan, China, and South Korea and plans to establish a presence in South Korea and Japan this year.