Madrona makes another healthcare bet, leads $5M round in clinical software startup Ovation.io
Ovation.io, which makes cloud-based software for medical testing labs, has raised a $5 million round led by Seattle-based Madrona Venture Group. Fellow Seattle firm Stagedot0 also participated, along with Borealis Ventures, Nat Turner, Zach Weinberg, and David Shaw.
Ovation, based in Boston, is focused on helping labs — in particular, those that do genomics and molecular testing — manage their data and run their business. The startup’s platform helps with things like tracking samples, integrating with health records systems and managing client relationships and revenue cycles.
Ovation was founded by Barry Wark and Winston Brasor with the idea that existing laboratory software needed a cloud-era makeover. Wark launched the company shortly after receiving his doctorate in neurobiology and behavior from the University of Washington.
“Genomics and molecular testing labs have complex workflows that require new functionality that can only come from a modern SaaS and cloud-based solution,” S. “Soma” Somasegar, managing director at Madrona Venture Group, said in a statement. “At the same time, these labs have clinical and genomic data that is being under-utilized to provide improved patient outcomes.”
“Barry, Winston, and the team have built an easy to use and rapidly deployable system for one of the most vibrant areas of precision medicine diagnostics and we are excited to help them grow their team and presence in the market,” he added.
Madrona has shown a growing appetite for health tech with three recent investments in the arena, including:
- SayKara, which makes AI assistant for physicians;
- Accolade, a personalized population health company led by Concur co-founder Rajeev Singh;
- Envisagenics, a startup that’s developing RNA therapeutics.
While Madrona doesn’t plan to greatly expand investments in this area, the VC firm said it sees room for innovation when combining the cloud, data analytics, and the large amount of data being produced by life sciences companies.
Source: GeekWire Startup