As per credible sources, Chicago-based startup company CancerIQ has raised funds worth USD 4.8 million in a Series A funding round, which was led by a digital health-centric venture capital firm HealthX Ventures. The company is reportedly planning to utilize the funds in a bid to expand its product offerings & integration with genetic testing partners and EHRs.
It is to be noted that CancerIQ’s technology allows numerous hospitals to use genomics in order to personalize the prevention as well as for early identification of cancer. Sources state that the platform can easily integrate into clinical workflow and help in evaluating, identifying, and managing populations based on the genetic risk factors, as well as facilitating virtual visits.
Speaking of the move, Feyi Ayodele, CEO at CancerIQ, was reported saying that the company aims to predict and prevent hereditary diseases which are the currently the most prevalent. She added that diseases of interest include ovarian & colon cancer, hereditary breast cancer, and familial hypercholesterolemia.
CancerIQ mentioned in a statement that its business model enables health systems to utilize accurate health strategies for patients who are susceptible cancer, detecting over 25% of such cases among those who undergo genetic testing. This apparently allows for easy genetic testing processes, handling high-risk patients in time, and keeping track of the results at an individual as well as at a population level.
Ayodele further claimed that the challenges faced by companies in genetic testing, liquid biopsy, and targeted therapies face is to predict whether patient is eligible for the treatment and ease of use for clinicians to take advantage of such innovations.
Reportedly, University of Pittsburgh Medical Center’s Center for Connected Medicine predicts that most of the health systems and hospitals will witness a rise in genetics technology vendors and genomics by the year 2023, with over 9 out of 10 firms saying that they were planning to or already providing genetic as well as genomic testing.