CancerIQ Raises $5M in VC Funding, Adds Strategic Hires to Epic Integration Team
The precision health platform is poised to finish 2020 strong
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.
New Integrated Products Team
Two new hires recently joined CancerIQ’s newly formed Integrated Products team from Epic, with the goal of advancing CancerIQ’s integration with leading EMRs:
Lisa Glaspie, Director of Integrated Products
Glaspie spent 16 years at Epic, where she was directly involved in many integration, data management, and conversion projects spanning a wide array of clinical and specialty system vendors, as well as custom in-house products. She will inform how CancerIQ can be deeply integrated across more clinical specialties.
Ashar Wasi, Integrated Product Specialist
Wasi spent the last 11 years at Epic on the implementation team for Epic’s radiology and cardiology modules. At CancerIQ, he will help client teams understand different integration methods and provide context on the scalability of CancerIQ’s FHIR-based approach.
“To engage primary care, radiology, and cardiology in precision health — we need our content to be deeply embedded in the EHR systems they already use. We’re excited to bring Lisa and Ashar on board for their domain expertise with Epic, so fewer high risk patients fall through the cracks,” added Ayodele.
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
Learn more about how CancerIQ is scaling the use of genetic information to predict, preempt and prevent disease at canceriq.com.
About CancerIQ
CancerIQ's precision health platform enables hospitals to identify, evaluate and manage entire patient populations based on individual genetic risk factors. By analyzing family history, running predictive risk models and automating NCCN guidelines, CancerIQ empowers providers with the genetic expertise to prevent cancer or catch it early. The platform has been rapidly adopted by some of the top health systems in the country and fully integrates with genetics laboratories, EHRs, and specialty software vendors to streamline workflow, guide clinician decision making, achieve cost savings, and — most importantly — improve patient outcomes.
About HealthX Ventures
HealthX Ventures is a digital healthcare-focused venture capital firm that invests in innovative companies making healthcare safer, more efficient and more affordable by delivering easy-to-use, cost-effective and scalable solutions to the market. Based within miles of Epic Systems' Madison, WI headquarters and led by seasoned, successful entrepreneurs and investors, HealthX provides unique value to its portfolio companies through extensive operational support, deep industry knowledge, and executive-level networking.