Flywheel, a US-based provider of medical data management software, raised $15m in series B funding from investors including enterprise technology producer Hewlett Packard Enterprise yesterday.
Venture capital firms Beringea and 8VC co-led the round, which also featured Novartis dRx Capital, the investment fund formed by pharmaceutical firm Novartis and mobile chipmaker Qualcomm, in addition to Great North Labs, iSelect and Argonautic Ventures.
Flywheel has built a cloud software platform that enables users to effectively manage medical research data. It will channel the funding into product development and strengthening its position in the life sciences and artificial intelligence markets.
Jim Olson, Flywheel’s chief executive, said: “We are incredibly excited by the opportunities ahead for Flywheel as we enable healthcare and research organisations to accelerate innovation in imaging research, machine learning and clinical trials.
“This new round of funding will allow us to more quickly scale and grow our business to help more organisations improve scientific collaboration and accelerate discoveries that will change the way healthcare is delivered.”
The company has not disclosed details of earlier funding but was part of the first cohort of startups announced by strategic advisory, investment and growth firm York IE in February 2020.