Main Sequence Ventures has returned for Prospection’s series B round, having already participated in the company’s $6.7m series A last year.
Prospection, an Australia-based healthcare data technology developer, obtained A$45m ($33m) in a series B round backed by Main Sequence Ventures, the venture firm set up by CSIRO, yesterday.
Ellerston Capital led the round through its JAADE Private Assets Fund, while Horizons Ventures also contributed.
Prospection uses artificial intelligence to analyse anonymised patient data over time and detect patterns in their health and treatment journey. The resulting data is turned into actionable insights to determine optimal treatment plans and locate patients who would benefit from certain therapies.
Prospection emerged out of multi-university incubator Cicada Innovations in 2012 and was bootstrapped for eight years before raising its $6.7m series A round from Main Sequence Ventures and Horizons Ventures in February 2020.
The latest cash injection has been allocated to Prospection’s expansion in the US and UK, as well as the development of additional product capabilities and use scenarios.
Bill Bartee, managing partner at Main Sequence Ventures, said: “A key challenge that Main Sequence aims to solve through its investments is creating more impactful and personalised healthcare.
“Prospection is a key part of achieving this goal and we are thrilled to continue our support of its journey to enhance patient care and offer healthcare providers tangible insights to determine the best treatment.”