OncoLens Raises $2.5 Million in Pre-Series A Funding
Margie Driscoll; Atlanta, GA
January 06, 2020
OncoLens, a pioneer in tumor board and cancer treatment planning software solutions, today announced it has raised a Pre-Series A funding of $2.5 million led by venture investment firm BIP Capital. Other investors in the round include Atlanta Technology Angels, and the Robbins Fund. All three were prior investors in the company’s seed round and are reaffirming their commitment to the business with this second funding round.
According to the American Cancer Society, nearly 1.76 million new cancer cases were diagnosed in the United States in 2019, with 606,880 cancer deaths reported. OncoLens delivers software solutions that help cancer centers more efficiently conduct multi-specialty cancer case reviews and achieve Commission on Cancer (CoC), National Accreditation Program for Breast Centers (NAPBC), or National Accreditation Program for Rectal Cancer (NAPRC) accreditations.
This investment round will not only help us continue to expand the capabilities of our solutions but will also assist us in growing our sales and marketing resources so more cancer centers know about and can benefit from OncoLens. - Anju Mathew, Co-Founder and CEO
“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.”
OncoLens serves several large integrated delivery networks (IDNs) and hospitals across the country, which are seeing significant efficiency gains in their care treatment planning process. OncoLens utilizes proprietary algorithms to decrease the workload around multidisciplinary case discussions by bringing together clinical, radiological, and pathological data required for collaboration—in one easy-to-use platform. It automatically matches the patient with relevant clinical trials and potential targeted therapies while also providing quality improvement considerations for the care team. Centers benefit further through data analytics, care coordination, and the platform’s reporting capabilities.
“At OncoLens, our passion is to empower those who diagnose and treat cancer patients with technology and data which can ultimately improve the outcomes of the growing population of cancer patients,” said Anju Mathew, OncoLens co-founder and CEO. “This investment round will not only help us continue to expand the capabilities of our solutions but will also assist us in growing our sales and marketing resources so more cancer centers know about and can benefit from OncoLens.”
About BIP Capital
BIP Capital is recognized as one of the most active venture investors in the Southeast, serving entrepreneurs, investors, and operators to grow the emerging company ecosystem. It applies experience and process to make investment decisions and operational recommendations, allowing its portfolio companies to achieve and stay on a glide path of growth. Areas of focus include Enterprise SaaS, Healthcare IT, Digital Media, Dev Tools, and MarTech. For more information, visit http://www.angelatlanta.com or follow ATA on LinkedIn or Twitter @angel_atlanta.
OncoLens develops technologies that improve cancer treatment planning, simplify tumor board management, facilitate survivorship care planning, and automate accreditation and quality reporting through an intelligent workflow engine that streamlines business processes and enables more informed clinical decision-making. For more information, please visit http://www.oncolens.com.