Flatiron Health announced it has raised $130 million in Series B funds in a financing round led by Google (GOOG) Ventures. In addition, Flatiron has reached an agreement to acquire Altos Solutions.
Flatiron Health co-founder Nat Turner
Flatiron Health, a healthcare technology company that created the OncologyCloud platform for life sciences and oncology providers, has raised $130 million in Series B funds during a funding round led by Google (GOOG) Ventures. Google[X] Director Andrew Conrad will join Flatiron's board of directors as part of the financing.
In addition, Flatiron has reached an agreement to acquire Altos Solutions, a Web-based oncology software company and developer of the OncoEMR electronic medical record (EMR) system. Flatiron and Altos expect to finalize the transaction by the end of the month.
According to Flatiron, the combination of Flatiron and Altos will create the world's largest single source of structured real-world oncology data and intelligence.
Flatiron's OncologyCloud is a data platform that gives oncology practices real-time information about their patients. Flatiron said this platform "allows cancer centers, physicians and life science companies to gain unprecedented and actionable insights from clinical, practice management and billing data."
Meanwhile, Altos' OncoEMR is a clinical management solution that is specifically designed for oncology practices. Altos claims this solution offers data security and a communication portal for patients as well.
Flatiron co-founder Nat Turner commented on both announcements in a prepared statement:
"Flatiron's mission is to organize the world's oncology data and make it useful for patients, physicians, life sciences and researchers. Raising this amount of financing and acquiring Altos Solutions greatly accelerates that vision, and gives us the ability to help both oncologists and most importantly patients on a new level. Flatiron will be a critical component to truly personalizing medicine by enabling the right patient to get the right therapy at the right time."
Altos President Carla Wood Balch added the acquisition could help her company achieve its long-term goal - to improve patients' lives by enhancing cancer care with technology.
"By joining forces with Flatiron Health, we're going to deliver even stronger and more tightly integrated solutions to physicians, patients and life science companies," she said in a prepared statement.
Flatiron said Altos will continue to operate independently as a wholly owned subsidiary. Flatiron also expects to expand its cloud-based platform to healthcare specialties beyond oncology starting next year.