Flywheel, a healthcare data analytics platform, secured $15 million in Series B funding.
The funding round was co-led by Beringea and 8VC, with participation from Novartis dRx Capital, Hewlett Packard Enterprise, Great North Labs, iSelect, and Argonautic Ventures.
Flywheel develops a cloud-based research data management platform. The platform streamlines data ingest from multiple sources, curates it to common standards, automates processing and machine learning pipelines, and provides secure collaboration in life sciences, clinical and academic research, according to the company.
“Flywheel’s impressive list of client institutions and enthusiastic adoption by world leaders in clinical and academic research prove the platform’s transformative potential. Its value proposition is not only as a market disruptor but as a tool to change the way life science research is conducted and help make life-changing discoveries faster. We’re excited to be part of this fast-growing Midwest company and support the work of its passionately committed team,” said William Blake III, Vice President at Beringea.
The company says new funds will help deepen its presence in the life sciences and AI markets and accelerate product development to power the digital transformation strategies of life sciences, clinical, and academic institutions.
“We are incredibly excited by the opportunities ahead for Flywheel as we enable healthcare and research organizations to accelerate innovation in imaging research, machine learning, and clinical trials. This new round of funding will allow us to more quickly scale and grow our business to help more organizations improve scientific collaboration and accelerate discoveries that will change the way healthcare is delivered,” said Jim Olson, CEO, Flywheel.
Healthcare Data Analytics companies secured $1.8 billion in venture capital funding in 2020. The funding increased by 13% in 2020, compared to $1.6 billion raised in 2019, according to the latest Mercom Digital Health Funding and M&A Report. In the largest deal, Sema4, a patient-centered healthcare data analytics platform, announced that funds managed by BlackRock led its Series C financing round of $121 million at a post-money valuation of over $1 billion. Including Series C round, the company has raised over $240 million since its founding in 2017.