Flatiron Health raises $130 million
Flatiron Health has raised $130 million in funding led by Google Ventures. Flatiron Health aggregates cancer-patient data from a variety of sources to help doctors make treatment decisions. First Round Capital, Laboratory Corporation of America, and several angel investors also participated in the Series B round of funding. The funding will be used to acquire electronic medical records company Altos Solutions.
“This acquisition of Altos is like rocket fuel for Flatiron,” stated Bill Maris, managing partner of Google Ventures. “Here you have two companies with very complementary technologies, both working in oncology. It’s a significant step forward for cancer care.”
Around 4% of cancer patients participate in clinical trials, which means that information about treatments and patient outcomes for 96% of patients is not easily accessible. Founded in 2012, Flatiron makes software that taps a wide variety of sources to aggregate clinical and genomic data, information on patient outcomes, notes from doctors, billing information, and other details.
Doctors that are wondering about a course of treatment for cancer patients use Flatiron to review other cases. There are between 500 and 1,000 oncologists that are using Flatiron’s data platform. Flatiron co-founders Nathaniel Turner and Zach Weinberg sold their previous company Invite Media to Google in 2010.
Altos has not raised any funding. It has around 1,300 clinicians that regularly uses its electronic health records. The company has around 60 employees that will be joining Flatiron when the deal is finalized.
Andrew Conrad, a director of Google[x], is joining Flatiron’s board of directors.