OncoLens, an Atlanta-based SaaS platform dedicated to streamlining the planning of cancer treatment, has announced the closing of a $2.5M pre-Series A funding round led by BIP Capital.
Atlanta Technology Angels and the Robbins Fund also participated in the round; all three had previously invested in OncoLens’ seed round in March 2019.
OncoLens co-founder and CEO Anju Mathew says the funding round will help the company jump-start its growth and visibility in the marketplace.
“We will add sales, marketing, software development and customer success resources to enable our team,” says Mathew. “The OncoLens software is already actively used by hospitals all over the country. This funding will allow us to scale rapidly and add new features to better serve our customer base.”
Although the company is currently experiencing rapid growth and has maintained good momentum, it is also continuing to refine its business model and go-to-market strategy.
“Given this inflection point, we chose to raise the appropriate amount of capital now to further prove these out before raising a larger Series A,” says Mathew, adding that OncoLens plans to raise a conventional Series A by early 2021. “We know our solution works and the feedback from our clients has been outstanding – they love it and love what it does for their cancer service lines. Sales are growing and we need to grow the team and the product to respond.”
OncoLens serves hospitals, cancer centers, and integrated delivery networks (IDNs) throughout the U.S. The company utilizes proprietary algorithms to facilitate multidisciplinary discussions of cancer cases by combining clinical, radiological, and pathological data in a single platform.
“Ultimately, health systems and cancer centers benefit through improved operational efficiency, data analytics, care coordination and the platform’s reporting capabilities,” says Mathew.
Commonly, pathologists identify the type of cancer, radiologists determine the cancer’s spread, oncologists manage chemotherapy, and other specialists step in if and when needed.
As Mathew told Hypepotamus last March, “When treating cancer today, everything is based on precision medicine, so everything is incredibly precise and we’re dealing with vast amounts of data. In essence, it’s becoming impossible for any one specialty to stay on top of all the latest research and treatments.”
OncoLens’ SaaS platform specifically helps tumor boards, or multidisciplinary groups of physicians, effectively collaborate to evaluate cases and decide on treatment plans for cancer patients.
OncoLens simplifies this complicated and often tedious process by allowing doctors to enter patients’ background and case details into its template, while OncoLens pulls the entire medical history from the electronic medical record (EMR) for evaluation purposes.
At that point, the platform aggregates that history, as well as imaging, clinical trial data, recent research, and more. This streamlined data means that OncoLens has already made tumor boards aware of available treatment options and actionable tasks when they meet.
“OncoLens empowers those who diagnose and treat cancer patients with technology and data which can ultimately improve outcomes for cancer patients,” says Mathew. “Ultimately, health systems and cancer centers benefit through improved operational efficiency, data analytics, care coordination and the platform’s reporting capabilities.”
“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,” said Mark Buffington, CEO and co-founder of BIP Capital. “We’ve seen tremendous uptick in the OncoLens business over the past year, including rapid market adoption and significant product line growth. We’re proud to partner with OncoLens and view it as one of the top emerging healthcare companies in the Southeast.”
This raise caps a stellar year for OncoLens. The company has tripled its user base, secured venture capital funding twice and strengthened partnerships throughout the industry, in addition to launching a new website, and adding new modules and integrations.
“We have been blessed with a great network of supporters and customers willing to share their stories. We take customer relationships very seriously and work hard to make sure the voice of the customer is always heard,” says Mathew. “Via this partnership approach, we’ve been able to secure large deals, minimize churn and grow the business.”