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Prospection is a technology company.
Prospection offers an advanced healthcare analytics platform, employing predictive analytics and machine learning on real-world patient data. Its core product transforms complex datasets into actionable insights, providing profound understanding of patient journeys and treatment efficacy. This proprietary technology delivers robust evidence for pharmaceutical strategic decision-making.
Founded in 2012 by Eric Chung and Ricky Chen, Prospection originated from the insight that vast, untapped healthcare data could significantly improve patient outcomes. Chung, leveraging his entrepreneurial background, and Chen, a technologist, combined expertise to build a platform systematically extracting value, pioneering a patient-centric intelligence approach.
Serving pharmaceutical companies, the platform empowers them to enhance patient care and optimize commercial strategies through data-driven intelligence. Prospection’s vision centers on becoming the definitive source for real-world evidence, continuously evolving analytical capabilities to provide foresight that shapes future healthcare delivery.
Prospection has raised $40.0M across 2 funding rounds.
Prospection has raised $40.0M in total across 2 funding rounds.
Prospection is an Australian healthcare analytics company founded in 2012 that builds AI-powered platforms for patient-centric intelligence in the pharmaceutical industry[1][2][3][4][5]. It serves life sciences companies, including over 100 brands and the top 25+ pharmaceutical firms, by analyzing real-world patient data across 20+ therapeutic areas and 100+ indications to optimize drug performance, improve patient outcomes, and capture market share[1][2][5]. The core product, the Patient-centric Intelligence Core, processes hundreds of millions of longitudinal patient journeys in seconds, powering tools like ProGPT for insights on regimens, therapy lines, and care-and-share dynamics; the company has raised $39.89M in funding, employs 127 people, and reports $7.8M in 2024 revenue, with strong growth via partnerships in Japan and clinical trials[2][3][4][5].
Prospection was co-founded in 2009 (with flagship product launch in 2012) by Dr. Peter Cronin and Eric Chung, who combined their healthcare IT expertise to create innovative solutions, starting with the in-house developed PharmDash platform for pharmaceutical script data analysis[2][4]. Based in Sydney's National Innovation Centre, the company quickly became a market leader, expanding across therapy areas and serving small to large pharma clients with a focus on better patient outcomes[4]. Pivotal moments include a 2022 global data deal with Japan's Medical Data Vision for broader analytics access and a partnership with Novotech, including investment, to integrate real-world evidence into clinical trials[4].
Prospection rides the wave of AI in real-world evidence (RWE) and patient-centric healthcare analytics, capitalizing on surging demand for data-driven pharma decisions amid rising drug costs and personalized medicine trends[3][5]. Timing aligns with post-pandemic shifts toward longitudinal patient data for faster trials and outcomes optimization, fueled by market forces like regulatory emphasis on RWE (e.g., FDA priorities) and pharma's need to mitigate ~50% of launch failures from inadequate patient insights[4][5]. It influences the ecosystem by powering top pharma brands, enabling global expansions (e.g., Asia-Pacific via MDV), and bridging analytics with clinical development, positioning Australia as a healthcare AI hub[1][4].
Prospection is poised for accelerated growth through AI enhancements like ProGPT and strategic alliances expanding RWE globally, potentially scaling revenue beyond $7.8M as pharma leans into patient intelligence for competitive edges[2][5]. Trends like multimodal AI integration and cross-border data sharing will shape its path, evolving its influence from analytics provider to indispensable platform in precision pharma. This builds on its decade-long momentum, solidifying patient-centric tools as core to market dominance[1][3][5].
Prospection has raised $40.0M in total across 2 funding rounds.
Prospection's investors include David Leslie, Blackbird Ventures Australia, FPV Fund, Index Ventures, Kleiner Perkins, Main Sequence Ventures, Salesforce Ventures, Sapphire Ventures, Sequoia Capital China, Chris Liu, Horizons Ventures.
Prospection has raised $40.0M across 2 funding rounds. Most recently, it raised $33.0M Series B in September 2021.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Sep 1, 2021 | $33.0M Series B | David Leslie | Blackbird Ventures Australia, FPV Fund, Index Ventures, Kleiner Perkins, Main Sequence Ventures, Salesforce Ventures, Sapphire Ventures, Sequoia Capital China, Chris Liu |
| Feb 1, 2020 | $7.0M Series A | Main Sequence Ventures, Horizons Ventures | Blackbird Ventures Australia, FPV Fund, Index Ventures, Kleiner Perkins, Salesforce Ventures, Sapphire Ventures, Sequoia Capital China |