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Ovation Raises $5M in Series A Funding

NEW YORK (GenomeWeb) – Scientific data management and clinical informatics firm Ovation has closed a $5 million Series A funding round. Madrona Venture Group led the round, with participation from new investors Borealis Ventures, Nat Turner, Zach Weinberg, and existing investors StageDotO and David Shaw, the firm said today.

Cambridge, Massachusetts-based Ovation said that it would apply the new capital to "accelerate growth" of its laboratory information systems for precision diagnostic labs.

Ovation offers a cloud-based platform for molecular diagnostics to facilitate sample tracking, client relations, integration with electronic health records, 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," Cofounder and CEO Barry Wark said in a statement. "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."

The company previously raised a seed round of $1.5 million in May 2017 and expanded the round to $1.9 million by January 2018.