Seattle-based Madrona Venture Group is putting more money behind Boston’s Ovation.io. The startup which makes cloud-based software to help medical testing labs manage data and run their business has raised $ 21.5 million in new funding.
Madrona first backed Ovation in a $ 5 million round last year as part of an expanded interest in health tech. The VC firm said at the time that it was investing where it saw room for innovation when combining the cloud, data analytics, and the large amount of data being produced by life sciences companies.
Ovation co-founder and CEO Barry Wark, who launched the company shortly after receiving his doctorate in neurobiology and behavior from the University of Washington, said in a blog post this week that the startup more than doubled its revenue and grown its patient volume 75-fold in the last 12 months.
Wark said that at a time when medicine is rapidly becoming both more complex and more data driven than ever – especially around genomics and molecular testing – many patients are still not benefitting from precision diagnosis because of the time and cost involved in the required testing.
Ovation’s platform aims to use technology “to match researchers with the right data, from the right lab, in ways that are up to five times faster than traditional methods,” Wark wrote. “But in order to help all patients, we need to do this at an unprecedented scale.” He said the new funding will provide the necessary resources.
Madrona was joined in the round by SignalFire, Borealis Ventures, Seattle’s StageDotO Ventures, and David Shaw.