NEW YORK, NY
Flatiron Health, the leader in cloud-based oncology software, today announced a Series C fundraising round totaling $175 million, led by Roche. Participants in the round included Allen & Company, Baillie Gifford and Casdin Capital.
“Since starting Flatiron Health in 2012, we have focused on building the most advanced, cloud-based oncology software platform to enhance the quality and value of patient care,” said Nat Turner, co-founder and chief executive officer, Flatiron Health. “Today marks a major step forward for our company. Leveraging our leading OncologyCloud™ platform, and in partnership with a thriving Flatiron Provider Network, we now have the foundation in place to empower providers amidst an evolving reimbursement landscape and strengthen our core offerings. Our company was founded to fight cancer with technology, and we see ourselves supporting this fight as an independent company for many years to come.”
Better Technology to Enhance the Quality and Value of Care
Flatiron Health will use the new funding to further invest in its cloud-based OncologyCloud software platform, which includes OncoAnalytics®, a first-of-its-kind advanced analytics tool, and OncoEMR®, the industry-leading electronic health record for oncology with an integrated patient portal and claims system.
Over the coming years, these investments will include:
The next generation of OncoEMR, which will feature the company’s most significant enhancements to date across workflow optimization, infrastructure and design to transform the delivery of patient care and empower providers to succeed in an evolving landscape.
New additions to the company’s value-based care solutions portfolio, designed to enable providers to participate in initiatives such as the Oncology Care Model (OCM) and other alternative payment models. Currently, the company offers a comprehensive solution across integrated treatment pathways and content, automated quality measures, patient engagement and alternative payment model design. Later this year, the company will release tools and services to further support providers focused on clinical transformation.
Additional enhancements and features across OncoAnalytics, OncoBilling® practice management solution and SeeYourChart® patient portal to help cancer care providers maximize efficiency, identify revenue opportunities and better engage with patients.
“As the oncology landscape continues to evolve, it will be increasingly important for cancer care providers to partner with a technology company that brings a fresh and innovative approach to solving today’s challenges,” said Robert J. Green, MD, vice president, Clinical Strategy and senior medical director, Flatiron Health. “Our new funding will enable us to continue heavily investing in the OncologyCloud software platform and other critical initiatives spanning value-based care and clinical research to position Flatiron Health as a different type of oncology partner – one that can empower providers, both now and long-term.”
Taking Real-World Evidence and Personalized Medicine to a New Level
In parallel with the financing round, Flatiron Health will enter into a multi-year, non-exclusive agreement with Roche, the world’s largest biotech company and the leader in oncology and in-vitro diagnostics. As part of the agreement, Roche will purchase a number of Flatiron Health’s life science offerings. The companies will also collaborate to accelerate clinical trials, advance personalized medicine and enhance patient care.
“The collaboration with Roche will provide us with a unique opportunity to further advance clinical research and real-world evidence in a meaningful way – both of which are central to Flatiron Health’s core mission statement,” said Zach Weinberg, co-founder, president and chief operating officer, Flatiron Health.
“Flatiron and Roche are leaders in their respective fields and we share the common vision of improving patient care,” said Daniel O’Day, chief operating officer, Roche Pharmaceuticals. “This partnership will generate valuable insights to shape progress in both the development of new medicines and the way those medicines are made available to patients.” In addition, O’Day will assume a seat on Flatiron Health’s Board of Directors.
Lastly, Flatiron Health will continue investing in its unique offerings for life science companies. In 2016, the company plans to accelerate its partnerships with life sciences companies to provide products that can be used to gain an unprecedented understanding of cancer care, support healthcare decision-making and improve patient outcomes.
The closing of the collaboration with Roche is subject to the satisfaction of customary closing conditions, including the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act.