Pilot Health Tech NYC Innovator Receives $130M from Google Ventures
Flatiron Health, one the 2013 winners in the Pilot Health Tech NYC program, received a $130 million investment from Google Ventures. The New York City based healthcare technology company provides oncology data intelligence to cancer centers, physicians and researchers through their OncologyCloud™ Platform. The data is used to help oncologists and cancer providers determine the best course of treatment for individual patients in a space where few exists. Being only two years old, they’ve partnered with over 25 cancer centers and have de-identified clinical and financial data from over 100,000 patients.
As a winner of the inaugural Pilot Health Tech NYC initiative, Flatiron Health is piloting their software platform with Continuum Health Partners (now Mount Sinai Health Systems). The pilot project helps Flatiron to test their product in a clinical setting and gather data on its efficacy, thus making them more attractive to investors.
Flatiron is filling a void in oncological clinical research – only 4% of cancer patients are in clinical trials. With such a small sample size, its difficult for clinicians to understand with certainty how well certain treatments work and who are the best candidates for those same treatments. Having so much quality data on hand frees up the time that stakeholders spend painstakingly collecting data that they seldom have enough time to analyze. While Flatiron’s biggest challenge is meaningfully interpreting and packaging the data they receive from cancer cases, the value of such a large sample size in real time is invaluable.
In addition to the Google Ventures investment, Flatiron has also garnered investments from First Round Capital, Laboratory Corporation of America and angel investors in their Series B fundraising. According to the Dow Jones VentureSource records, this is the fourth largest deal that Google Ventures has participated in and it’s largest medical software deal. A portion of Flatiron’s funding is being used to acquire Altos Solutions, an oncology-specific Electronic Medical Record company. The acquisition will allow Flatiron to collect cancer patient data from 550,000 patients annually.