Fast-Growing Oncology Startup OncoLens Secures $7.25 Million Series A Funding
Kathy Berardi; ATLANTA
January 14, 2021
OncoLens, a pioneer in tumor board and cancer treatment planning solutions, announced today that it has raised a $7.25 million Series A investment from BIP Capital, Martin Ventures, and SeedToB Capital, a new healthcare artificial intelligence (AI) venture fund launched by former Jvion Co-founders Shantanu Nigam and Ritesh Sharma.
OncoLens brings collaborative and personalized treatment planning to the cancer patient through data integration and decision support. It helps cancer programs and their multidisciplinary teams of specialists collaborate effectively while easily aggregating patient-specific data in a HIPAA-compliant manner across different EMR/clinical/genetics information systems. Patient-specific clinical trials at a facility or its affiliates, NCCN/ASCO guidelines, and the latest research are also automatically identified for each case to support the care team in making the best decision for the patient.
"The new investment round will enable us to further capitalize on our position as a leader in the tumor board and cancer treatment planning software industry," said Anju Mathew, CEO of OncoLens. "We're excited to continue our work with BIP Capital and our new investors Martin Ventures and SeedToB Capital. Their combined deep expertise in healthcare and AI will help catalyze both our product development and market expansion efforts."
OncoLens is being used or implemented across several National Cancer Institute-designated Cancer Centers and some of the largest U.S. healthcare delivery networks. The company has received significant market recognition, with studies showcased in the Association of Community Cancer Centers' Oncology Journal, Journal of Registry Management, American Society of Clinical Oncology, and others.
"We were an early investor in OncoLens and we're proud of its rapid growth and commitment to improving healthcare through technology," said Mark Buffington, co-founder and CEO of BIP Capital and lead investor of its growing portfolio of Healthcare IT investments. "We're confident OncoLens will increasingly become part of the new norm in terms of how care providers collaborate efficiently and effectively with one another."
"OncoLens is enabling better outcomes for cancer patients," said Devin Carty, CEO of Martin Ventures. "The need for new, cutting-edge technologies has never been more important to ultimately winning the fight against cancer. We are excited to partner with Anju and the rest of the OncoLens team to extend and expand clinical trials, precision medicine, and multidisciplinary care to cancer patients."
"Tumor boards and care collaboration are within a space needing much innovation," said Shantanu Nigam, managing partner of SeedToB Capital. "OncoLens is stepping up and leading this charge with a very innovative approach under stellar leadership. We're extremely excited to welcome OncoLens to our portfolio."
The funding announcement comes during a week when many healthcare investors and innovators are attending the 39th Annual J.P. Morgan Health Care Conference virtually (social media hashtag #JPM21). A focal area of the event is telemedicine and virtual collaboration tools to help healthcare providers better meet the needs of patients in a mobile and digitally connected world.
In 2020, OncoLens was named among the top 10 most innovative companies by the Technology Association of Georgia. OncoLens currently serves more than 8,000 cancer care providers across the country.
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 www.bip-capital.com or follow BIP Capital on LinkedIn or Twitter @BIPCapital.
About Martin Ventures
Martin Ventures is a healthcare-focused venture capital firm based in Nashville, Tennessee. Martin Ventures was founded by healthcare operator, investor, and entrepreneur Charlie Martin. Martin Ventures focuses on both building and launching de novo companies and investing time, energy, and capital into world-class entrepreneurs' leading growth-stage companies. For more information, visit www.martinventures.com.
About SeedToB Capital
SeedToB Capital primarily focuses on artificial intelligence initiatives within healthcare. Most applications of AI in healthcare have results in pilot settings, but fail to scale successfully despite huge investments. SeedToB's unique approach is to help entrepreneurs navigate this complex space toward the most efficient path to Series B and ultimately, company success. It is led by Ritesh Sharma and Shantanu Nigam, serial entrepreneurs who founded Jvion and quickly grew it to be the nation's largest clinical AI company.
OncoLens is a care treatment planning platform designed to help cancer programs collaborate effectively with multidisciplinary teams across their care networks and within the affiliates and communities they serve. Our solutions include virtual tumor board technology, workflow automation, survivorship care planning, and clinical decision support capabilities that lead to increased standardization across the network, higher quality of care, enhanced engagement with affiliates, and reduced costs through greater efficiencies. For more information on OncoLens, please visit www.oncolens.com. Follow us on Facebook, Twitter, and LinkedIn.