Beringea Co-Leads $15 Million Series B Investment Round in Flywheel, Inc.
February 4th 2021
Flywheel is the leading data management platform for medical research and collaboration
Farmington Hills, Mich. (U.S.) – Beringea, a global private equity firm providing growth capital to high-potential businesses, co-led a $15 million Series B investment round in Minnesota-based Flywheel Exchange, Inc., the leading data management platform for medical research and collaboration. Additional participation in the round came from 8VC, Novartis dRx Capital, Great North Labs, iSelect and Argonautic Ventures.
With Flywheel’s cloud-based data management solution, organizations can streamline and scale their research and machine learning workflows. This funding will allow Flywheel to deepen its presence in the life sciences and AI markets and accelerate product development to power the digital transformation strategies of life sciences, clinical, and academic institutions globally.
“Flywheel’s impressive list of client institutions and enthusiastic adoption by world leaders in clinical and academic research prove the platform’s transformative potential. Its value proposition is not only as a market disruptor but as a tool to change the way life science research is conducted and help make life-changing discoveries faster. We’re excited to be part of this fast-growing Midwest company and support the work of its passionately committed team,” says William Blake III, Vice President at Beringea.
“We are incredibly excited by the opportunities ahead for Flywheel as we enable healthcare and research organizations to accelerate innovation in imaging research, machine learning and clinical trials. This new round of funding will allow us to more quickly scale and grow our business to help more organizations improve scientific collaboration and accelerate discoveries that will change the way healthcare is delivered,” said Jim Olson, CEO, Flywheel.
Flywheel is the leading research data platform that provides the tools needed for data import, automated curation, image processing, machine learning workflows, and secure collaboration. By leveraging cloud scalability and automating research workflows, Flywheel helps organizations scale research data and analysis, improve scientific collaboration and accelerate discoveries. Flywheel offers a comprehensive solution for life sciences, pharmaceutical, biotech, academic, and clinical research. Flywheel is headquartered in Minneapolis and has offices in the Bay Area, Washington DC, and Budapest. For more information on our mission and products, visit www.flywheel.io or follow us on Twitter and LinkedIn.