OncoLens, an Atlanta-based cancer treatment planning software startup, has raised $2.5 million in a Pre-Series A round led by local VC firm BIP Capital. Previous investors Atlanta Technology Angels and the Robbins Fund also participated in the round.
Using software solutions, OncoLens helps cancer centers conduct cancer case reviews and achieve accreditations from several cancer fighting organizations. The company serves integrated delivery networks and hospitals across the country.
“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,” Mark Buffington, CEO and co-founder of BIP Capital, said in a statement. “We’ve seen tremendous uptick in the OncoLens business over the past year, including rapid market adoption and significant product line growth.”
OncoLens algorithms decrease the workload for case discussions by combining clinical, radiological and pathological data on one platform. The platform matches patients with relevant clinical trials and potential therapies, in addition to providing data analytics, care coordination and 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,” Anju Mathew, OncoLens co-founder and CEO, said in a statement.
Mathew said the investment would allow the company to improve their solutions, and grow its sales and marketing resources. Margie Driscoll, director of marketing at OncoLens, told Atlanta Inno the company plans to add another 15-20 employees this year. Founded in 2017, OncoLens has raised a total of $3.25 million in funding.
When asked why OncoLens chose to raise a Pre-Series A over a Series A round, Mathew said, "OncoLens is experiencing rapid growth and has good momentum, but we continue to refine our business model and go-to-market strategy. Given this inflection point, we chose to raise the appropriate amount of capital now to further prove these out before raising a larger Series A. Our current plan is to raise a Series A in the later part of 2020/early 2021."
