Atlanta-based health technology startup OncoLens raised a $7.25 million Series A round to increase its platform and hire more employees.
Atlanta’s BIP Capital, Martin Ventures and SeedToB participated in the round, according to a press release. The Series A brings the startup’s total investments to $8 million.
CEO and co-founder Anju Mathew said the new capital will fuel the company’s rapid growth in the cancer treatment space. OncoLens provides a care treatment planning platform, which includes virtual tumor board technology, workflow automation and survivor planning.
That platform helps physicians keep all patient data in one place to more efficiently create a care plan, according to the OncoLens website.
“The field of oncology is one of the most rapidly evolving fields of medicine with the advent of genomic testing and precision-based medicine,” Mathew said in an email. “New clinical trials and treatment protocols are becoming available to patients, but there are still many barriers to patients receiving that care.”
Mathew said OncoLens helps healthcare providers stay up to date with new treatment protocols and provides a multidisciplinary approach to organizing patient data so physicians prescribe the best treatment possible for them.
The startup’s revenue has grown more than four times what it was in 2019, Mathew said. The platform is being used by several National Cancer Institute-designated cancer centers and U.S. healthcare delivery networks, including Emory Healthcare and WellStar Health System.
Mathew founded the company with Dr. Lijo Simpson, first launching its Tumor Board Management module at Emory Decatur Hospital in 2017.
BIP Capital invested in the company in 2019.
“We’re confident OncoLens will increasingly become part of the new norm in terms of how care providers collaborate efficiently and effectively with one another,” BIP Capital CEO Mark Buffington said in the release.
OncoLens currently has 20 full-time and contract employees and plans to hire across all departments, Mathew said.