NEW YORK, NY
Flatiron Health, developers of the OncoCloud™ platform, today announced a $130 million raise for its Series B venture capital round. The financing round is being led by Google Ventures, with participation from existing investors First Round Capital and Laboratory Corporation of America Holdings (LabCorp®). As a part of the financing, Andrew Conrad, Director at Google[X], will join Flatiron Health’s board of directors.
Flatiron has also reached an agreement to acquire Altos Solutions, Inc., a leading web-based oncology software company and developer of the OncoEMR® electronic medical record (EMR) system. Flatiron Health and Altos Solutions expect to finalize the transaction, which is subject to customary closing conditions, by the end of May 2014. The combination of Flatiron Health and Altos Solutions, Inc. will create the world’s largest single source of structured real-world oncology data and intelligence.
Flatiron Health was founded in 2012 by Nat Turner and Zach Weinberg. The company’s OncoCloud™ platform allows cancer centers, physicians and life science companies to gain unprecedented and actionable insights from clinical, practice management and billing data. Previously, this information was trapped in EMR systems and doctors’ free-text notes. The Flatiron Health software platform accelerates personalized medicine and research by applying advanced analytics to electronic patient care data documented by physicians.
Through the acquisition of Altos Solutions, Flatiron will combine point-of-care data capture and patient engagement with advanced analytics, allowing physicians and administrators to run smarter cancer centers, and patients to receive more coordinated and targeted care. The core application from Altos Solutions is OncoEMR®, the industry’s leading oncology-specific EMR system. Over 1,300 oncology clinicians and thousands of users utilize Altos Solutions’ software on a daily basis. Physicians using software powered by Altos Solutions see over 550,000 unique cancer patients each year. Over time, Flatiron Health and Altos Solutions will integrate the two platforms, allowing for seamless data flow, smarter data capture, and advanced decision support.
“Flatiron’s mission is to organize the world’s oncology data and make it useful for patients, physicians, life sciences and researchers. Raising this amount of financing and acquiring Altos Solutions greatly accelerates that vision, and gives us the ability to help both oncologists and most importantly patients on a new level,” said Nat Turner, co-founder of Flatiron Health. “Flatiron will be a critical component to truly personalizing medicine by enabling the right patient to get the right therapy at the right time.”
“Altos Solutions was founded for one simple reason: to improve the lives of patients by enhancing cancer care with technology,” said Carla Wood Balch, president of Altos Solutions. “By joining forces with Flatiron Health, we’re going to deliver even stronger and more tightly integrated solutions to physicians, patients and life science companies.”
Turner and Weinberg founded Flatiron Health after witnessing several family members and friends battle cancer. Noticing a growing trend of physicians documenting patient care electronically, but without advanced analytics or decision-support tools, they decided to create a software platform that accelerated personalized medicine and research by making sense of this data at scale. Google acquired their previous company, Invite Media, in 2010.
“Cancer will likely touch all of us at some point in our lifetimes, either as a patient or as the family or friend of a patient. Flatiron has pioneered a way to learn much more about cancer, so that we can improve the way we care for patients and treat the disease,’ said Dr. Krishna Yeshwant, a general partner at Google Ventures. ‘It’s rare to find a team of the caliber assembled by Flatiron Health that combines pragmatic insights from the healthcare industry with the deep technical insight of the IT industry. They are working on one of the biggest problems in healthcare, and their progress has been nothing short of stunning to date.’
Flatiron Health’s OncoCloud™ platform has applications for both cancer care providers and life science companies. For providers, the first application is OncoAnalytics™, a web-based software package that seamlessly integrates a cancer center’s disparate data systems, and provides real-time business and clinical intelligence with benchmarking. In the near future, providers will be able to leverage de-identified data from other cancer centers on the platform in a HIPAA-compliant manner.
For life science companies, OncoCloud™ provides a “system of record” for how cancer care is delivered in the real world, offering a real-time view of treatment utilization, sequencing and outcomes. Life science companies will soon be able to utilize OncoCloud™ to accelerate research by matching patients to available clinical trials and automating data collection. The foundation of the OncoCloud™ platform is its data transformation engine, which extracts, processes and cleans both structured and unstructured data in real-time towards a standardized ontology.
Altos Solutions will continue to operate independently as a wholly owned subsidiary of Flatiron Health. Flatiron Health will continue to support cancer centers that use other EMR systems with the launch of the Flatiron Federated (FF) integration layer.
Media Contact: Nina Toor