Prospection successfully raises $45 million in its Series B

Sydney-based healthcare data technology company Prospection has secured $45 million in its Series B round, which was led by new investor Ellerston JAADE with participation from existing shareholders Main Sequence and Horizons Ventures.

"Real world data tells us today 10% of patients are on treatments that are harmful and 30% of patients are wasting time or money on a suboptimal treatment. Our insights have the power to change clinical behavior by helping doctors select the best therapy for an individual patient. This financing gives us the ability to make a bigger impact and act on a global scale. We want to put every patient on the right treatment at the right time," said CEO Eric Chung.

Founded in 2012, Prospection had previously raised $10 million in its Series A round in February 2020.

The fresh funding will be used by Prospection to expand its presence in the UK and US healthcare markets. Additionally, the funds will be used to build more product capabilities and use cases, including healthcare providers with clinical decision support during their patient appointments. Also, the company will invest in its platform to enable more data sets to be ingested. Prospection will try to broaden its existing pharma company customer-base to support healthcare payors, governments, patients, and physicians.