CancerIQ Raises $5M in VC Funding

CancerIQ, a provider of precision health platform for cancer risk assessment to hospitals, raised $4.8 million in Series A.

Health-focused venture capital firm HealthX Ventures led the round. Other institutional investors who took part in the funding round were: Impact Engine and Lightbank.

According to the company, the funding will enable CancerIQ to accelerate the current offering and deepen integrations with EHRs and genetic testing partners.

“Despite the pandemic, CancerIQ is experiencing a rapid growth year. In these times, Precision health has become a crucial technique for early detection and prevention of disease. Over 80,000 patients have missed their cancer screening appointments, but health systems are rapidly adopting CancerIQ to triage and prioritize those in need of most urgent care,” the company added.

In addition to precision platforms, the company offers virtual cancer-risk platforms enabling virtually screen for cancer predisposition, identify high-risk patients through testing and genetic counseling, and manage their care.

CancerIQ’s workflows health systems enable managing high-risk patients over time and tracking outcomes at the individual and population levels.

“CancerIQ’s platform has the power to make genetic data part of routine care, which is game-changing,” said Mark Bakken, 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. We are also excited to back such a dynamic and diverse founding team that has quietly scaled into some of the leading health systems, maintained incredibly high user engagement, and demonstrated a strong value prop to customers.”

According to Mercom Funding and M&A Report, notable Digital Health deal with similar technology was:

OncoDNA, a precision medicine platform that helps oncologists in the therapeutic decision-making process, completed a €19M (~$20M) Series B round.

Image credit: CancerIQ