Pharmaceutical firm Roche led a $175m series C round yesterday for Flatiron Health, a US-based developer of cloud-based oncology software, as part of a newly formed strategic partnership.
Investment bank Allen & Company, investment management firm Baillie Gifford and investment firm Casdin Capital also participated in the round.
Flatiron has built a software platform called OncologyCloud that combines electronic medical records for oncology, an advanced analytics tool, a patient portal and a billing management system to help care providers treat cancer more efficiently.
The funding will be used to enhance OncologyCloud. Flatiron plans to develop a new version of its OncoEMR electronic medical record while also expanding its value-based care solutions offering.
The round was closed alongside the formation of a multi-year, non-exclusive agreement that will involve Roche buying several of Flatiron’s life science offerings, and the two also plan to work together on enhancing clinical trials, personalised medicine and patient care.
The company raised $130m in a May 2014 series B round led by Google Ventures, the corporate venturing arm of internet and technology conglomerate Alphabet, as well as medical testing services provider LabCorp and First Round Capital.
Google Ventures, LabCorp and First Round previously took part in Flatiron’s $8m series A round in 2013, investing alongside backers including Great Oaks Capital, The Social+Capital Partnership, SV Angel and IA Ventures.
Nat Turner, Flatiron Health’s co-founder and chief executive, said: “We now have the foundation in place to empower providers amidst an evolving reimbursement landscape and strengthen our core offerings.
“Our company was founded to fight cancer with technology, and we see ourselves supporting this fight as an independent company for many years to come.”