NEW YORK – CancerIQ on Thursday announced that it has raised $4.8 million to expand its precision health platform, which is designed to help hospitals personalize cancer prevention and treatment strategies based on genomics.
The Chicago-based precision medicine software startup raised the funds through a Series A round led by HealthX Ventures, a digital health-focused venture capital firm.
CancerIQ will put the new funding toward improving its precision health platform's integration with existing electronic medical records and with genetic testing partners. "CancerIQ's platform has the power to make genetic data part of routine care," said Mark Bakken, who leads firm HealthX Ventures. "We chose to invest because we see the value the CancerIQ platform can not only bring to patients, but to multiple stakeholders in the healthcare ecosystem."
The company's platform is meant to be easily integrated into hospital clinical workflows so that providers can identify and manage patients based on their genetic risk factors. Specifically, the technology allows providers to identify patients who qualify for germline cancer risk assessment, streamline the genetic testing and counseling process for these patients, including through telehealth, longitudinally manage patients who are found to be at a higher risk for cancer, and track these patients' outcomes at the individual and population levels.
The company said it has also hired several new employees who previously worked for Epic Systems, the company behind one of the most widely implemented electronic medical record systems. The new hires' familiarity with Epic will help CancerIQ integrate its platform within leading EMRs.