Oncology Analytics, a data company focused on the growing cancer therapeutics market ($133 billion globally in 2017), has announced a $21 million Series B funding round led by Oak HC/FT with participation from new investor McKesson Ventures and returning investors Blue Cross Blue Shield Venture Partners and Sandbox Advantage Fund.
This funding comes on the heels of the company’s headquarters relocation last week from Plantation, Florida to Atlanta.
“With no end in sight to the rising costs and complexity of cancer treatment options — the oncology benefits management industry is in desperate need of both innovation and disruption,” said Annie Lamont, managing partner, Oak HC/FT, in a statement.
Oncology Analytics, which was founded by a hematologist/oncologist in 2009, is used to support over 3.5 million patients by simplifying the complexity of cancer care. It has been estimated that oncologists would need 29 hours a day to keep up with the latest studies and treatments on the market.
The Oncology Analytics platform is updated daily to reflect all of those new treatments and guidelines to help providers stay at the cutting edge of research. Upon seeing a patient, physicians enter their treatment recommendation and receive an automatic authorization if their request is within current guidelines.
For more experimental treatments, the company’s clinical team provides additional evaluation and review before approval. This data-driven approach helps providers constantly iterate and improve cancer care.
And with all the data they collect, the platform can also serve health insurance plans by offering insights and analytics on what treatments are most used, most effective, and most cost-effective. The global cancer drug market is projected to exceed $147 billion by 2021.
With this recent funding round, Oncology Analytics will focus on product development, expanding its benefit management capabilities and investing in data analytics and digital health technologies.
That means team growth, as well. The company currently employed 80, 15 of which are in the Atlanta office. That will grow by about 40 in the next year and up to 100 in two years.
“Having our corporate headquarters in Atlanta provides us access to some of the finest clinical, technical and analytics talent in the country,” said Shay Hurst, SVP of Human Resources. “As we look to significantly expand our team in roles focused on data science, software engineering, clinical oncology, product management and client services, we are confident Atlanta offers the resources we need for our next stage of growth.”