Flywheel, a Minneapolis-based software startup that manages data for medical researchers, has raised at least $14 million of a planned Series B round of venture capital according to a Form D filing with the SEC. The final Series B will be around $15 million, the company said.
Flywheel raised an $8.5 million Series A in 2019. Most of its previous investors are individual angel investors, but it's also received capital from groups like St. Louis, Mo.-based iSelect Fund and Manchester, N.H.-based York IE. Fundraising began in October; 29 different investors have participated in the round so far, according to the Form D, but the form also includes some prior fundraising, Flywheel said.
"We are incredibly excited by the opportunities ahead for Flywheel as we enable health care and research organizations to accelerate innovation in imaging research, machine learning and clinical trials," CEO Jim Olson said in an email to the Business Journal. The firm will use the new funds to continue scaling and develop new products, Olson said.
Flywheel was developed from a relationship with a Stanford University researcher who needed a tool to better manage and organize neural-imaging data. It now has over 30 employees. Some of its customers include St. Jude Children's Hospital, Columbia University and Mount Sinai.
Flywheel won the 2019 Minnesota High Tech Association's Tekne award for cloud computing. It was founded about six years ago.
