Ovation.io, a provider of cloud-based lab information systems, reeled in $5 million in series A funding that it plans to use to accelerate lab deployment and expand other features.
The round was led by Madrona Venture Group. Other participants included Borealis Ventures, Nat Turner and Zac Weinberg, as well as existing investors StagedotO and David Shaw.
Ovation.io provides operations and intelligence software for next-generation precision diagnostic labs and focuses on the challenges of critical functional areas of laboratory operations, business analytics and relationship support.
“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” Barry Wark, Ovation.io co-founder and chief executive, said in a statement.
The company’s flagship product, Ovation Diagnostic, is at the core of what it touts as a rapidly expanding laboratory commercialization platform.
“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. Somasegar, Madrona’s managing director, 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.”