Over the last decade, the oncology sector has undergone dramatic changes through an unprecedented number of new anti-cancer treatments brought to the market, which have increased both the complexity and cost of care
Fremont, CA:Data analytics and technology-enabled services company Oncology Analytics raised USD 28 million in a Series C funding round led by Baird Capital. With this investment, Baird Capital joins existing investors Oak HC/FT, McKesson Ventures, and The Blue Venture Fund. The Series C financing will enable Oncology Analytics to expand its oncology-focused capabilities, accelerate real-world data and analytics solutions for health plans, and increase the market share of its technology-enabled utilization management solution. As part of the investment round, Michael Liang, partner at Baird Capital, has joined Oncology Analytics' Board of Directors.
"The increasing cost of cancer care in the US has created an enormous burden for health plans and patients, which requires new thinking and a radical approach to solve," said Liang. "Oncology Analytics' strategy, which puts data-science and real-world evidence at the center of the treatment decision-making process, demonstrates the type of innovative leadership needed in healthcare. Baird Capital looks forward to supporting Oncology Analytics to accelerate its mission."
Over the last decade, the oncology sector has undergone dramatic changes through an unprecedented number of new anti-cancer treatments brought to the market, which have increased both the complexity and cost of care. Amidst these changes, Oncology Analytics can provide health plans with extensive clinical insights to ensure that anti-cancer therapies are based on science and evidence-based protocols by forging a deep connection between data science, analytics, and oncology expertise.
"It is incredibly humbling to have such a talented and experienced group of healthcare investors support our efforts to transform the oncology benefits landscape," said Rick Dean, CEO, Oncology Analytics. "We are delighted to welcome Michael and Baird Capital to the team, as I know this collaboration will accelerate our ability to bring value and innovation to our health plan customers." The Series C announcement comes following a period of tremendous growth and innovation for the company, which includes the increase of its prior authorization platform usage to 5 million health plan members. Oncology Analytics recently announced a new customer partnership with Gateway Health, LLC, and program expansion with Humana, Inc.
"Oak HC/FT continues to be a strong advocate of the leadership team, strategy, and passion Oncology Analytics has for improving the lives of cancer patients," said Annie Lamont, managing partner, Oak HC/FT. "Over the past two years, Oncology Analytics has grown its customer portfolio by 400% and rapidly increased revenue. We are deeply committed to our partnership with Oncology Analytics and welcome Baird Capital to the team."