Flywheel Secures $15M in Series B Funding
MINNEAPOLIS--(BUSINESS WIRE)--Flywheel, the leading data management platform for medical research and collaboration, announced it has secured $15 million in Series B funding.
The funding round is being co-led by Beringea, a transatlantic venture capital investor that seeks to create lasting success for rapidly scaling entrepreneurial companies, and 8VC, which is focused on building technology platforms that create long-term economic and societal value. Other investors include Novartis dRx Capital, Hewlett Packard Enterprise (HPE), Great North Labs, iSelect and Argonautic Ventures, which has deep knowledge and experience in the life sciences market.
“Flywheel's impressive list of client institutions and enthusiastic adoption by world leaders in clinical and academic research prove the platform's transformative potential. Its value proposition is not only as a market disruptor but as a tool to change the way life science research is conducted and help make life-changing discoveries faster. We're excited to be part of this fast-growing Midwest company and support the work of its passionately committed team,” said William Blake III, Vice President at Beringea.
With Flywheel’s cloud-based data management solution, organizations can streamline and scale their research and machine learning workflows. This funding will allow Flywheel to deepen its presence in the life sciences and AI markets and accelerate product development to power the digital transformation strategies of life sciences, clinical, and academic institutions globally.
“It is our strong belief that the leading life science institutions of the next decade will succeed by taking advantage of their biomedical data. Flywheel’s product is the best-in-class infrastructure to fulfill this vision,” said Francisco Gimenez, Partner at 8VC. “We are excited to support the company as they help support the future of bioscience R&D.”
“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,” said Jim Olson, CEO, Flywheel.
Flywheel is the leading research data platform that provides the tools needed for data import, automated curation, image processing, machine learning workflows, and secure collaboration. By leveraging cloud scalability and automating research workflows, Flywheel helps organizations scale research data and analysis, improve scientific collaboration and accelerate discoveries. Flywheel offers a comprehensive solution for life sciences, pharmaceutical, biotech, academic, and clinical research. Flywheel is headquartered in Minneapolis and has offices in the Bay Area, Washington DC, and Budapest. For more information on our mission and products, visit www.flywheel.io or follow us on Twitter and LinkedIn.
8VC is a leading technology investment firm investing in visionary teams and backing industry-transforming companies. The partners have a proven track-record as founders, engineers, and operators of successful companies including Palantir, Addepar, Affinity and OpenGov, among others. The predecessor firm Formation 8 was founded in 2012 and today, manages $1.1 billion in committed capital. 8VC was founded in 2016 and manages $2.4 billion in committed capital. 8VC invests primarily in smart enterprise platforms across industries including financial services, healthcare, logistics and others, and Bio-IT. For more information, please visit http://8vc.com.
Beringea is a transatlantic venture capital investor that seeks to create lasting success for rapidly scaling entrepreneurial companies across a wide range of sectors, including healthcare, technology, media, consumer goods and business services. With offices in Detroit (U.S.) and London (UK), Beringea provides patient capital and a global footprint to back founders throughout their journey, helping them overcome barriers to scale and build international success stories. For information on U.S. investment activities, visit https://www.beringea.com/us-funds.