Next-generation clinical informatics company Ovation.io, Cambridge, Mass, has announced completion of a Series A funding round of $5 million led by Madrona Venture Group, with participation from new investors Borealis Ventures, Nat Turner, and Zach Weinberg, and existing investors StagedotO and David Shaw.
Ovation provides operations and intelligence software for next-generation precision diagnostic labs. Ovation will use the funding to accelerate lab deployment and expand features to enable independent labs to grow their business efficiently and maximize business value from their data.
“Genomics and molecular testing labs have complex workflows that require new functionality that can only come from a modern SaaS and Cloud-based solution,” says S. Somasegar, managing director of the Madrona Venture Group. “At the same time, these labs have clinical and genomic data that is being underutilized 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.”
Developed by scientists to make it easier to bring innovative tests to the patients that need them, Ovation’s commercial platform is an out-of-the box solution purpose-built for molecular diagnostics. Ovation scales to accommodate the needs of labs for sample tracking, client relations, electronic health record integrations, revenue cycle management, reporting, operational intelligence, and results analytics.
“The response to Ovation shows that there is great interest from labs for a new approach to informatics that helps them grow their business and leverage their valuable data,” says Barry Wark, cofounder and CEO of Ovation. “We are excited to be partnering with our new and existing investors to continue supporting diagnostic labs as they play a crucially important role in patient diagnosis and treatment, and in accelerating development of new therapies.”
For further information, visit Ovation.
