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OncoLens, a technology company serving cancer care programs has successfully closed a $1.35 million seed round. BIP Capital and Atlanta Technology Angels (ATA) led the round. The company will deploy the capital toward its strategic growth plans.
OncoLens’ platform enables a diverse and multispecialty cancer care team to seamlessly collaborate on treatment plans for individual patients. With the explosion of diagnostic tests and treatment options, OncoLens ensures that every complex cancer patient benefits from a discussion by a diverse group of specialists. The company also provides cancer-specific decision support and assists cancer programs to track, discuss and implement nationally approved quality metrics.
As part of this funding round, OncoLens announced Sarath Degala, vice president at BIP Capital, and ATA board member Bill Midgette have joined its board of directors.
“I am very excited to have Bill and Sarath on our board,” said Anju Mathew, OncoLens’ CEO and co-founder. “Their immense experience and knowledge of the healthcare industry will help us serve our customers better as well as expand our product portfolio.”
Degala brings direct operational experience at large health systems where he held multiple C-level positions. “BIP Capital is excited to support OncoLens with this investment, adding another exciting company to our portfolio that improves patients' lives and increases the efficiency of healthcare,” Degala said.
Midgette, who now leads Fairburn Equity partners, was formerly CEO of Porex Corp. and president of C.R. Bard Medical. “The Atlanta Technology Angels supports early-stage companies that have groundbreaking technologies,” Midgette said. “We are excited by the possibilities of the OncoLens software platform. Their solution allows academic and community based physicians to seamlessly integrate the volume of cancer data available today and the new therapies and diagnostics of tomorrow, thus optimizing the care path for their patients.”
Current cancer treatment planning methods are comprised of archaic manual processes, taking an estimated 10 hours to aggregate data from disparate sources to plan cancer treatment options for the discussion of approximately 5 cases. The discussions are not standardized and what is discussed is usually what is top of mind, rather than the most relevant clinical trials or treatment options. OncoLens decreases a cancer center’s workload and saves resources by streamlining the data aggregation process, enabling decision support, and incorporating multiple workflows into one solution.
The company is part of Georgia Tech’s Advanced Technology Development Center’s ATDC Accelerate portfolio and in 2018, OncoLens was named a Showcase Company at Venture Atlanta. In addition, OncoLens has received the “Exceptional Research Award” from the Academy of Oncology Nurse Navigators in 2017 and Pharmatech Outlook named the company a “Top 10 E-clinical Trial Management Solution” in 2018.
OncoLens is a Software-as-a-Service solution that streamlines the care treatment planning process for cancer programs. The platform brings efficiency to the tumor board management, survivorship care planning and related accreditation and quality improvement initiatives. The platform merges case specific clinical decision support criteria, including applicable clinical trials, to support the multi-disciplinary approach to care treatment. To learn more, please visit oncolens.com.
About BIP Capital
BIP Capital is recognized as one of the most active and successful 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 bip-capital.com or follow BIP Capital on LinkedIn or Twitter @BIPCapital.
About Atlanta Technology Angels
We are one of the nation’s top angel investing networks. Our mission is to provide opportunities for members to invest in top-tier, early-stage companies in the Southeast. ATA members provide seed and early-stage capital to entrepreneurs seeking between $200K-$3M. This is an investment range not generally served by venture capital funds and serves as a catalyst that helps to build Georgia’s economy into a thriving center of technology and entrepreneurship. To learn more, visit angelatlanta.com.
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