Ovation.io Secures $5 Million Series A Funding to Accelerate Growth of Cloud Based Laboratory Information Systems for Clinical Informatics
BOSTON & INDIANAPOLIS--(BUSINESS WIRE)--Mar 14, 2019--Ovation.io, a next-generation clinical informatics company, today announced Series A funding of $5 million led by Madrona Venture Group with participation from new investors Borealis Ventures, Nat Turner, Zach Weinberg, and existing investors StagedotO and David Shaw. Ovation.io 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,” said S. Somasegar, managing director, Madrona Venture Group. “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.”
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, EHR 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. 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,” commented Barry Wark, co-founder and CEO, Ovation.io.
Ovation is a scientific data company providing a cloud-based laboratory information system for Clinical Diagnostics that focuses on addressing challenges in the critical functional areas of Lab Operations, Business Analytics, and Relationship Support. Beyond standard sample and workflow tracking, Ovation is reimagining the central role a LIMS or LIS plays in the overall ecosystem of a clinical diagnostics laboratory. Using a modern infrastructure with seamless integrations of best-in-class partners and consultants, Ovation provides labs with an out-of-the box laboratory management experience that scales with each individual lab’s needs. Ovation’s flagship product, Ovation Diagnostic, is the central component of this rapidly expanding laboratory commercialization platform. More information at www.ovation.io. Follow us on Twitter @ovation_io.
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