Agilent to buy AI pathology software maker Proscia for $240M in cash plus earnouts

Agilent Technologies agreed to pay $240M in cash for Philadelphia-based Proscia, with up to $30M more in earnouts, according to Axios Pro Rata, which linked to Reuters coverage. Proscia had raised around $130M from investors including Razor's Edge Ventures, Highline Capital, Flybridge and Scale Venture Partners. No reported revenue figure was found. Lounge estimates about $35M in annual recurring revenue, based on typical 6x to 8x revenue pricing for pathology software and the size of the capital raised. Proscia sells digital pathology software that labs use to manage slides and run image analysis. Agilent, a life sciences instrument and diagnostics supplier, gains a software layer that sits on top of its lab workflows. The deal adds to a run of strategic buyers absorbing vertical AI software companies rather than waiting for public markets. For founders in clinical or lab AI, it shows incumbents with instrument and customer footprints will pay for workflow software and the data position it brings, and that modest cash prices with earnouts are a common structure at this size.