Oncology management platform OncoLens landed $2.5 million in a Pre-Series A round led by Atlanta Technology Angels and the Robbins Fund yesterday.
This news comes less than a year after the Atlanta-based startup announced a $1.35, which was also led by Atlanta Technology Angles, as well as BIP Capital.
WHAT THEY DO
The startup has designed a platform that connects the care teams of patients with cancer in order to better coordinate on treatment plans. The system uses its proprietary algorithm to connect clinical radiological and pathological data.
“With the growing number of complex cancer cases and pressure for hospitals to improve patient outcomes, OncoLens allows cancer centers to reduce the time and resources it takes for multi-disciplinary case collaboration, early identification of precision medicine-based solutions, and relevant clinical trials for patients,” Mark Buffington, CEO and cofounder of BIP Capital, said in a statement.
The platform is also able to match patients to relevant clinical trials and potential targeted therapies. Providers can also use the technology to help schedule meetings and keep track of the statistics needed for certain types of accreditation.
WHAT IT’S FOR
This new infusion of cash is set to help the company grow its product and reach.
“This investment round will not only help us continue to expand the capabilities of our solutions but will also assist us in growing our sales and marketing resources so more cancer centers know about and can benefit from OncoLens,” Anju Mathew, OncoLens cofounder and CEO, said in a statement.
MARKET SNAPSHOT
Oncology tools are quickly growing in popularity in the digital health space. One of the big names here is Kaiku Health, which offers digital patient monitoring and patient-reported outcome services designed for several medical specialties. In 2018 the Finnish company scored $5.4 million in Series A funding.
Last year Witty Healthy launched OncoPower, which uses blockchain technology to help cancer patients keep track of their medical data across providers as well as offer users incentives.
