SAN CARLOS, Calif. & WATERLOO, Ontario– Onc.AI, a medical technology company developing a novel digital clinical management solution focused on immuno-oncology, announced today it has closed a $25 million Series A financing co-led by MassMutual and Action Potential Venture Capital (a GSK venture fund). Also participating were Life Extension Ventures and all existing investors including Blue Venture Fund, Accomplice, Digitalis Ventures, and KdT Ventures.
“Having first learned about Onc.AI through a leading precision-oncology expert, we are thrilled to partner with an exceptional team and help the company as they aim to serve medical oncologists and cancer patients broadly,” said David Diaz-Casariego, Portfolio Manager of Alternative Investments at MassMutual.
New investor Action Potential Venture Capital invests in companies advancing the fields of bioelectronic medicines, and enabling technologies for precision medicine.
“Onc.AI’s novel platform, which leverages radiomics and deep learning, has the potential to improve medical oncologist clinical decision-making and to meaningfully advance pharma immuno-oncology research and clinical trials,” said Juan-Pablo Mas of Action Potential Venture Capital (APVC). “APVC is excited to support the team’s efforts in establishing a leadership position in this emerging category.”
In conjunction with the financing, David Diaz-Casariego and Juan-Pablo Mas will join the Onc.AI Board of Directors alongside Dr. Emir Sandhu (Blue Venture Fund), Dr. Julie Hambleton (Independent Director), Jonathan Fleming (Board Chair) and Akshay Nanduri.
“In just two years, Onc.AI has assembled a market leading real-world data asset focused on immuno-oncology which has enabled the development of a powerful suite of AI models to assist medical oncologists in clinical decision-making,” said Akshay Nanduri, Co-founder and CEO of Onc.AI. “On behalf of the company and existing investors, I would like to welcome MassMutual Alternative Investments and Action Potential Venture Capital as we work together to improve oncology clinical management in a significant way. This major financing will be allocated to achieving the necessary development and regulatory milestones preceding commercialization of our first product in lung cancer. Proceeds will also be used to support our currently active and future research collaborations with global pharmaceutical leaders.”
