CSIRO innovation fund backs AI startup aiming to speed up hep C, cancer treatment


In contrast to traditional clinical trials which have a small sample size and are focused on drug discovery, Prospection uses predictive analytics and machine learning on healthcare data using real-world patient journeys and trends to work out how to get treatments into patients’ hands sooner.

The startup’s work has increased treatment rates for hepatitis C, HIV and cancer patients. Prospection is working with 50 clients in Australia, including 15 of the top 20 global pharmaceutical companies.

Prospection has raised $10 million to fuel its global expansion. Credit:Renee Nowytarger

The funding will be used to accelerate the Australian company’s healthcare analytics platforms into new therapy areas, grow its artificial intelligence capabilities, and to finance its international expansion.

Mr Chung declined to give the startup’s turnover but said Prospection had around 60 staff and was growing steadily.

“We have been reinvesting and growing out our team, we hope to be able to accelerate that with the funding,” he said. “We are really excited to be able to grow this and build our technology to get the right treatment to the right patients.”

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Bill Bartee, from Main Sequence Ventures, said Prospection was consistent with the fund’s theme of investing in areas that improve human health and wellness.

“There is a group of founders that are impassioned,” he said. “We were impressed that they had built a business from the ground up with no funding to the point it is now. They were able to take longitudinal patient data and figure out which treatments work in the real world.”

Mr Bartee said Australia was well recognised as a leader in healthcare and being able to take some of that first-class thinking and couple it with entrepreneurship was a great thing.

“We haven’t seen a company like this before,” he said. “It is great that Australia can build a global business in healthcare that can help not only Australians but the rest of the world.”

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