Flywheel Exchange Raises $22M in Series C Financing
Minneapolis-based Flywheel Exchange Inc. has closed on a $22 million Series C financing round.
The company’s statement on Wednesday indicates “more financing [is] expected in the coming weeks.”
Flywheel has built a cloud-based research platform for life sciences and clinical and academic research. The company’s technology is aimed at improving productivity and collaboration among medical researchers.
“We are incredibly excited about the opportunities ahead, as we accelerate the transformation of bioinformatics and research with the Flywheel platform,” said Jim Olson, CEO of Flywheel, in a statement. “We are grateful for this support that can allow us to help more healthcare and research organizations focus on science and innovation, while relying on us to manage and curate their data and provide the analytical tools they need to truly accelerate discovery.”
The latest financing round was led by Austin, Texas-based 8VC. Companies appear to be lining up to invest in Flywheel. The company’s statement names 10 different firms “and others” as investors in the Series C round. That includes Minneapolis-based Key Investment, owner of Twin Cities Business, and Minneapolis-based Great North Labs.
At the same time, Flywheel announced its acquisition of St. Louis-based Radiologics, whose products include imaging informatics services. Terms of the deal were not disclosed.
“Together, we’re going to help speed the development of clinical trials, get to discovery faster, and reduce wasted time and resources along the way,” said Dan Marcus, CEO of Radiologics, in a statement. “We understood the tremendous opportunity to bring together Flywheel’s and Radiologics’ expertise for the advancement of medical research.”
Marcus will now be chief scientific officer at Flywheel.