NEW YORK – CancerIQ said Thursday that it has completed a $14 million Series B round of venture capital.
Merck Global Health Innovation Fund and Amgen Ventures led the round, with participation from McKesson Ventures, OSF Ventures, and HealthX Ventures. OSF Ventures is the investment arm of CancerIQ customer OSF HealthCare, while HealthX Ventures led CancerIQ's $4.8 million Series A in 2020.
The Chicago-based firm will use the new funding to augment its precision health technology platform, form new partnerships, and expand its customer base, which consists of healthcare delivery systems. The company also expects to add about 50 additional employees.
"The cancer research community has made great strides in cancer prevention and treatment," CancerIQ cofounder and CSO Olufunmilayo Olopade said in a statement. "But now we must accelerate and scale the clinical pipeline, so a diverse population of patients — those receiving care at academic medical centers and community hospitals alike — can benefit from these advances."
Olopade, founder of the Center for Clinical Cancer Genetics at the University of Chicago, is the mother of CancerIQ cofounder and CEO Feyi Olopade Ayodele.
"CancerIQ's vision is to end cancer as we know it by eliminating health disparities and democratizing access to the latest advances in cancer early detection and prevention," Ayodele said. "We started by making genetic testing more accessible and connecting patients to the right preventive services at the right time. This latest round of funding will help CancerIQ reach more patients and connect to more innovations that promise to transform cancer from a deadly disease to a manageable condition."