US-based cancer care software provider Oncology Analytics completed a $21m series B round on Monday featuring subsidiaries of medical product supplier McKesson and health insurance provider Blue Cross Blue Shield Association.
McKesson Ventures and BlueCross BlueShield Venture Partners joined healthcare-focused growth equity fund Oak HC/FT, which led the round, and venture capital firm Sandbox Industries’ Advantage Fund.
Oncology Analytics has developed a platform that provides detailed analytics on a wide range of cancer treatments in order to help healthcare providers make decisions on care based on effectiveness and cost.
Proceeds from the oversubscribed round will go to beefing up the company’s data analytics, data science and digital health technology. Oak HC/FT managing partner Annie Lamont will join Oncology Analytics’ board of directors along with Ezekiel Emanuel, a venture partner at the fund.
McKesson Ventures managing director Dave Schulte said: “We are extremely excited to partner with Oncology Analytics to help build and scale the company. “Oncology is a complex therapeutic area and likely to increase in complexity given the rise in combination therapies and new medicines.
“Oncology Analytics is well positioned to deliver providers with tools and information critical to stay abreast of the most appropriate and personalised treatment plans available.”
BlueCross BlueShield Venture Partners had previously led the company’s $7.5m series A round in early 2016, investing together with Sandbox Advantage Fund.
