Concerto HealthAI, a US-based oncology data technology spinoff from artificial intelligence-focused holding company SymphonyAI Group, has secured $150m in a series B round that included SymphonyAI.
Declaration Partners led the round, which was also backed by fellow investment manager AllianceBernstein and investment firm Maverick Ventures.
Concerto intends to combine artificial intelligence technology with real-world data (RWD) to generate insights that can assist in the development of precision cancer treatments. The funding will support product development and its expansion into other disease areas.
The company has not disclosed details of its earlier funding but the round was announced alongside a multi-disease collaboration deal with Janssen Research & Development, a subsidiary of medical product group Johnson & Johnson.
Jeff Elton, Concerto HealthAI’s chief executive, said: “The significant commitment and life sciences expertise of our investors validates and accelerates our strategy.
“This investment underscores the amazing team and talent we have brought together with a common purpose of advancing precision oncology solutions for the most devastating cancers based on our engineered RWD, AI-enabled technologies and advanced scientific services.”
Romesh Wadhwani, of SymphonyAI’s founder and CEO, is chairman of Concerto while senior operating partner Leif Pedersen is also on its board of directors, together with Andrew Goldfarb from Declaration Partners.
