xCures, an AI-powered precision oncology platform, raised $12.69 million in Series A funding, led by Boehringer Ingelheim Venture Fund. Vanedge Capital, Harmonix Fund, and Metaplanet also participated in the round.
The company plans to use the funding to stimulate the adoption and further development of an AI-Powered platform for precision oncology decision making.
According to the company statement, the platform transforms complex unstructured medical data directly from the patient’s medical records into structured data suitable for analysis and machine learning. The AI engine then actively cross-references this data against a vast digital library of oncology data to match patients with potential treatments and predict outcomes, thereby empowering patients as well as their oncologists to make more informed and effective treatment decisions. In addition, the company has developed the infrastructure and products to directly engage patients and access their raw unstructured medical records from anywhere in the U.S.
Mika Newton, CEO of xCures stated: “This new investment enables us to leverage our experience in helping over 1000 patients on our platform to dramatically increase both platform usage and the insights we are generating. Working with the Boehringer Ingelheim Venture Fund and our other investors, we are leading the field of patient-centric research, AI-powered clinical decision support, and prospectively generating regulatory-grade real-world evidence”.
“The Boehringer Ingelheim Venture Fund sees the potential of the xCures platform to provide valuable options for advanced cancer patients, while at the same time, generating real-world evidence that could lead to important therapeutic insights,” said Mark Ralph, Executive Director of the Boehringer Ingelheim Venture Fund focused on Digital Health Investments, and who is joining the xCures Board of Directors. “We’re confident that xCures will continue to develop their platform and work to make a meaningful impact for patients.”
Clinical Decision Support software companies raised over $600 million in 15 venture funding rounds in Q1 2021, compared to $505 million in 12 funding rounds in Q4 2020, a 31% increase in quarter-over-quarter funding activity, according to the latest Mercom Digital Health Funding and M&A Report.