SAN FRANCISCO May 7 Google Ventures
led a $130 million investment in oncology-data company Flatiron
Health, Flatiron said on Wednesday.
The cash will allow New York-based Flatiron to acquire Altos
Solutions, an electronic medical-records company specializing in
oncology data, for an undisclosed sum.
Flatiron, founded in 2012, taps into myriad data points on
individual cancer cases to help doctors select the most
promising outcomes for their patients. It also stores billing
data, doctors' notes and related information.
Healthcare has become a hot area for venture capital,
especially companies related to health, data and software.
ZocDoc, which automates appointment booking, has raised around
$100 million. Practice Fusion, which automates medical records,
has raised more than $150 million.
Venture-backed Castlight, which allows patients to
compare costs for medical procedures, raised $204.2 million in
its initial public offering last quarter, although its share
price of about $12 is well below the $37.50 at its March debut.
Google Ventures has also backed Foundation Medicine, which
uses vast amounts of data to analyze tumors.
Existing investors First Round Capital and Laboratory Corp
also participated in Flatiron's funding round.
Andrew Conrad of GoogleX, Google's home to big projects,
will join Flatiron's board of directors. Conrad, former chief
scientific officer of clinical laboratory company LabCorp, also
sits on the board of Google Ventures-backed SynapDX, which is
developing a blood test for autism.
Flatiron's founders Nat Turner and Zach Weinberg previously
sold their advertising company, Invite Media, to Google in 2010
for $81 million.
(Reporting by Sarah McBride; Editing by Ken Wills)