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CancerIQ Raises $5M in VC Funding, Adds Strategic Hires to Epic Integration Team

The company plans to use the funding to further growth of its product offering and integration with EHRs and genetic testing partners.

Chicago, August 13, 2020 — CancerIQ, an enterprise precision health platform for cancer, is poised to finish 2020 in a strong position after new funding, adding new members to its integration team and growing its end user base, despite headwinds of the COVID-19 crisis.

CancerIQ’s technology enables hospitals to use genomics to personalize the prevention and early detection of cancer. The platform — which easily integrates into the clinical workflow — helps providers identify, evaluate, and manage patient populations based on individual genetic risk factors. In addition, the platform allows hospitals to convert their cancer risk assessment and management programs to virtual visits with its complete telehealth cancer risk platform.

New Funding to Further Precision Health Strategy
CancerIQ has raised $4.8 million in a Series A funding round led by HealthX Ventures, a digital health-focused venture capital firm led by Mark Bakken, the founder and former CEO of Nordic Consulting, the largest Epic consulting firm.

CancerIQ will use the funding to accelerate the growth of its current offering and deepen integrations with EHRs and genetic testing partners.

“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 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.”

As part of the funding, HealthX Ventures will join CancerIQ’s board.

“Partnering with HealthX allows us to build on the solid foundation we have serving over 70 institutions, and enable system-wide precision health,” said Feyi Ayodele, CEO, CancerIQ.

Other institutional investors including Impact Engine and Lightbank, co-founded by Eric Lefkofsky (founder of Tempus and co-founder of Groupon) and Brad Keywell (co-founder of Groupon), also participated in the round.

Continued Traction Despite COVID-19
Finally, CancerIQ is experiencing a rapid growth year despite the COVID-19 crisis. Precision health has become an even more important 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.

CancerIQ’s workflows enable health systems to execute precision health strategies for patients predisposed to cancer, by:

  • Identifying the 25 percent of the patient population that qualifies for genetic testing
  • Streamlining the genetic testing and counseling process, via telehealth if required
  • Managing high-risk patients over time
  • Tracking outcomes at the individual and population levels

Author / source: CancerIQ / https://go.canceriq.com/hubfs/CIQ%20HealthX%20Release.pdf

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