Flywheel Raises $22M in Series C Funding
MINNEAPOLIS--(BUSINESS WIRE)--Flywheel, the leading biomedical research data management platform, today announces a $22 million Series C funding round, with more financing expected in the coming weeks, as investors show continued confidence in the company’s growth and market impact.
The funding round is being led by 8VC, which is focused on building technology platforms that create long-term economic and societal value. Other investors include iSelect, Argonautic Ventures, Beringea, DrX/Novartis, HPE Pathfinder, Spike Ventures, Key Investments, Seraph, Great North Labs and others.
“We were impressed by the progress the Flywheel team has made in enabling digital transformation of life science data management. Their thoughtful infrastructure decisions have allowed them to expand into applications in AI development, data exchange, and federated learning. We are excited to lead the Series C funding to acquire Radiologics and further grow Flywheel’s infrastructure, as well as develop these application areas,” said Francisco Gimenez, Partner at 8VC.
The Series C funding supported Flywheel’s recent acquisition of Radiologics. By joining forces with Radiologics, Flywheel can now offer additional research workflow solutions and clinical applications to accelerate R&D and scientific discovery, plus an expanded global network of innovators with even more opportunities for biomedical research collaboration.
“We believe strongly that the future of R&D in life sciences will be rooted in collaboration and cross-border work,” said Craig Herron, Managing Partner at iSelect. “Not only does Flywheel’s platform enable researchers to tap the full power of their data to drive deeper insights, but the integration of Radiologics is helping to build on the collaborative potential of scientific discovery and support new breakthroughs that will impact all of our lives. We are excited to support Flywheel, as the company continues to grow and scale its services.”
Flywheel’s cloud-based data management platform enables researchers to accelerate discovery through streamlined data curation and management, automated pipelines for machine learning and analysis, and tools to ensure secure collaboration. With Flywheel’s platform in place, researchers across academic, clinical and life sciences organizations can transform productivity and accelerate innovation in imaging research, multicenter studies, AI development and clinical trials.
“We are incredibly excited about the opportunities ahead, as we accelerate the transformation of bioinformatics and research with the Flywheel platform. We are grateful for this support that can allow us to help more healthcare and research organizations focus on science and innovation, while relying on us to manage and curate their data and provide the analytical tools they need to truly accelerate discovery,” said Jim Olson, CEO, Flywheel.
Flywheel is the revolutionary research data management platform powering healthcare innovation by accelerating collaboration, enabling machine learning, and streamlining the massive task of data aggregation, curation and management. By leveraging cloud scalability and automating research workflows, Flywheel helps organizations scale research data and analysis, improve scientific collaboration and accelerate discoveries. Flywheel offers comprehensive solutions for life sciences, pharmaceutical, biotech, academic, and clinical research. Flywheel is headquartered in Minneapolis and has offices in the Bay Area, St. Louis, 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.