Onc.AI, an artificial intelligence platform intended to provide clarity to cancer treatment decisions, has closed a $6 million financing round.
The round was co-led by Blue Venture Fund (a corporate venture arm of Blue Cross and Blue Shield Association) and Accomplice (a seed-led venture capital firm) with participation from KdT Ventures (a seed-stage venture firm) and Digitalis Ventures (a venture capital firm that invests in the healthcare industry).
Angel investors include The Operator Network (Frederic Kerrest, Executive Vice Chairman, COO and Co-founder, Okta), Jonathan Fleming (Chairman of Onc.AI and multiple VC-backed life sciences companies), Dr. Chen Fong (Co-Chair of the Global Strategy Board at Creative Destruction Lab), and Dr. Stanley Marks (Chairman of UPMC Hillman Cancer Center).
The company plans to use the new funds to expand its team in the Bay area and Waterloo region and expand its cancer treatment decision capabilities.
According to the company, its software platform, which uses deep learning, provides cancer centers and health systems, precise information about cancer treatment. “Onc.AI is developing an innovative, comprehensive approach to oncology diagnostics which can help clinicians attain the full potential of precision oncology,” said Thomas Hawes, Managing Director of the Blue Venture Fund.
“Actionable insights in oncology treatment derived through the power of Deep Learning is a compelling vision,” said John Capodilupo, Co-founder and Chief Technical Officer of WHOOP and Venture Partner at Accomplice.
Clinical Decision Support software companies raised $660 million in the first nine months of 2020, according to Mercom’s latest report. More recently, Concerto HealthAI, a provider of enterprise artificial intelligence and real-world data solutions for precision oncology, raised $150 million in aggregate Series B financing. Tempus, a precision medicine company, raised $100 million at a $5 billion post-money valuation.