GREENSBORO – Fuse Oncology, which was spun out of Cone Health in 2021, has closed on what it says is an oversubscribed round of capital with Cone Ventures and Northeast George Health Ventures among the backers.
How much the company raised was not disclosed, but Crunchbase which tracks venture funding, reports Fuse recently raised more than $8 million and has now closed on more than $11 million since launch.
In a recent SEC filing, Fuse reported raising $8,859,474 in equity.
Fuse says the new funding will be utilized to support its first software product and future development.
Its technology was developed at Cone Health’s Radiation Oncology Center of Innovation, a company spokesperson confirmed to WRAL TechWire. “The technology licensed by Fuse has been in use at Cone for many years and the funds raised will enable Fuse to expand operations to onboard existing demand in the industry for Fuse’ flagship product – S!GNAL,” the spokesperson noted.
Signal software sample (Fuse Oncology image)
“As we continue to expand our reach throughout 2023, we are grateful for the interest and enthusiasm of investors who understand the significant impact of our product and our potential to thrive in the market,” James Bauler, chief executive officer, said in the funding announcement. “These key strategic partners trust in our clinician-built technology that will make rad onc departments more efficient, supporting substantial growth in volumes and revenues.”
Here’s how Fuse describes SIGNAL: ‘[It]catches issues before they materialize to drastically improve revenue cycle and clinical staff workflows. By minimizing mistakes in the coding and documentation process, it has uncovered substantial lost revenues for providers. Additional solutions from Fuse address challenges in the patient engagement cycle to reduce average time to treatment.”
Greensboro’s Fuse Oncology raises more cash from First Launch Capital
