New financing to build out industry’s first data platform for oncology
NEW YORK, NY
Flatiron Health, developers of the industry’s first oncology data platform, today announced that it has raised $8 million in a Series A round of venture capital financing. The round was led by Google Ventures with participation from First Round Capital, Laboratory Corporation of America, Great Oaks Capital, The Social+Capital Partnership, SV Angel, IA Ventures and angel investors. As a part of the financing, Dr. Krishna Yeshwant, general partner at Google Ventures and board member of Foundation Medicine, has joined Flatiron Health’s board.
Flatiron Health was founded in 2012 by Nat Turner and Zach Weinberg, two of the founders of Invite Media. Invite Media was an advertising technology and software company acquired by Google in 2010. After witnessing several family members and friends battle cancer, the founders began a journey to learn the inner workings of the oncology industry. Noticing that most cancer care centers, oncologists and researchers were deprived of even the most basic data analysis tools that other industries used daily, they decided to found Flatiron Health.
“We’re extremely excited to add a great group of investors to Flatiron Health,” said Nat Turner, Flatiron Health’s co-founder. “Solving the big data problem in oncology is going to take much more than money, and we’re honored to be working with a group of firms and individuals who genuinely care about making that happen to make a difference in the world.”
Flatiron Health’s platform integrates a cancer center’s disparate data systems to provide a truly longitudinal and comprehensive view of the patient population. Through the platform, administrators and clinicians gain deep analytics for business and clinical intelligence, resource utilization, treatment patterns, network management and research. In addition, cancer centers can monitor their adherence to national cancer care guidelines and benchmark their performance.
“Oncology is one of the fastest growing and unique segments of the health care industry, and oncologists and researchers need new and advanced tools to keep up,” said Dr. Krishna Yeshwant of Google Ventures. “Nat and Zach’s passion to address this challenge and reputation for building disruptive software companies were key in our decision to lead the round. We are thrilled to be working with Flatiron Health as they build out a software platform that the oncology industry desperately needs.”
The funds will be used to expand Flatiron Health’s engineering and product teams. Flatiron Health is in private beta with a select group of providers and other partners in the United States.