Flatiron Health Raises $175M to Bolster OncologyCloud Software
Flatiron Health, a New York-based developer of oncology-focused electronic health record software, has raised Series C funding of $175 million to further develop its OncologyCloud platform.
Launched in 2012 and backed by Google Ventures, First Round Capital, Roche and others, the 250-employee Flatiron said it would use the new funding to develop the next generation of its OncoEMR and additions to its value-based care solutions portfolio, designed to enable providers to participate in initiatives such as the Oncology Care Model (OCM) and other alternative payment models.
“Our new funding will enable us to continue heavily investing in the OncologyCloud software platform and other critical initiatives spanning value-based care and clinical research to position Flatiron Health as a different type of oncology partner — one that can empower providers, both now and long-term,” said Robert Green, M.D., vice president, clinical strategy and senior medical director for Flatiron Health, in a prepared statement.
This round of investment was led by biotech company Roche and also included Allen & Company, Baillie Gifford and Casdin Capital.
In parallel with the financing round, Flatiron Health will enter into a multi-year, non-exclusive agreement with Roche, a leader in oncology and in-vitro diagnostics. As part of the agreement, Roche will purchase a number of Flatiron Health’s life science offerings. The companies will also collaborate to accelerate clinical trials, advance personalized medicine and enhance patient care.
In 2015 the National Comprehensive Cancer Network announced it would collaborate with Flatiron to create a cloud-based data repository of NCCN member institution data – the NCCN Outcomes Database. Through this collaboration, EHR data will be aggregated for cancer quality and outcomes assessment, as well as identification of key trends and patterns in the care of patients with cancer. Within this database, NCCN Member Institutions will have the opportunity to measure concordance to the NCCN Clinical Practice Guidelines in Oncology and will be able to access OncoAnalytics, Flatiron Health’s proprietary, cloud-based analytics tool.
