Oncology Data Platform Flatiron Health Raises $8 Million
Flatiron Health is an intelligent oncology data platform that has raised $8 million in Series A funding led by Google Ventures. First Round Capital, Laboratory Corporation of America, Great Oaks Capital, The Social+Capital Partnership, SV Angel, IA Ventures and several angel investors participated in this round. Angel investors that participated in this round include Chris Dixon, Jared Hecht, Ken Fox, Aaron Levie, Jack Abraham, David Tisch, and Ed Zimmerman. Google Ventures general partner Dr. Krishna Yeshwant is joining Flatiron’s board.
Flatiron Health was founded by Invite Media founders Nat Turner and Zach Weinberg. These two sold Invite Media to Google in 2010 for $80 million. Turner and Weinberg have experience in making angel investments in the healthcare industry. Turner said that the healthcare space can be disrupted with data-mining technology and cloud-based software.
Turner’s seven-year-old cousin was diagnosed with Leukemia. He believed that the actual determination of what type of cancer and the effects of chemotherapy were not properly administrated. Luckily, Turner’s family was able to talk with other doctors and diagnose the cancer properly. There was a gap in how the medical data was analyzed.
The two started to research the oncology industry and found out that cancer care centers, oncologists, and researchers are being deprived of data analysis tools. Flatiron Health will allow cancer care providers to aggregate and mine clinical oncology data.
For example, Flatiron Health allows cancer care centers monitor and benchmark themselves against hundreds of metrics related to cancer care and automate tumor registry. Patients can be matched and new tools can be built on top of the structured database.
The new funds will be used for expanding Flatiron Health’s engineering and product teams. The company currently has around 12 employees and is in private beta. The company has signed up five major hospital systems on the East Coast and in the Northeast.