Clinical collaboration platform Flywheel scores $15M in Series B funding

The company plans to use the money to grow in the life science and AI research space.
By Laura Lovett
02:48 pm
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Stacks of gold coins

Medical research and clinical collaboration platform Flywheel announced the close of its $15 million in Series B funding round. Venture firms Beringea and 8VC led the round with participation from Novartis dRx Capital, Hewlett Packard Enterprise, Great North Labs, iSelect and Argonautic Ventures.

WHAT IT DOES

The company is focused on the research industry, including the life sciences space, clinical research and AI for developers.

It was designed to capture clinical data, including imaging, EHRs, digital pathology and omics. Users are able to then curate the data with annotations and labels that are then available to the client organization, according to the website.

Flywheel’s tech can then use its analytics to process and integrate data. Teams can also collaborate and share data using the tool.

WHAT IT’S FOR

The company said the new funds will fuel its growth in the life science and AI research space. The team is also planning on expanding its product development and digital strategies for both the pharma industry and academia.

“We are incredibly excited by the opportunities ahead for Flywheel as we enable healthcare and research organizations to accelerate innovation in imaging research, machine learning and clinical trials.

"This new round of funding will allow us to more quickly scale and grow our business to help more organizations improve scientific collaboration and accelerate discoveries that will change the way healthcare is delivered,” Jim Olson, CEO of Flywheel, said in a statement.

MARKET SNAPSHOT

As the so called “data revolution” continues, finding ways to share and organize that information has become important. Today we are seeing a variety of tech vendors look at just that issue. For example, in October, data-sharing startup Datavant closed a $40 million Series B funding round.

Other companies in the space include AetionVerana Health and OM1, which have all landed funding for their real-world evidence tools for providers, pharmas and life science customers.

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