Greensboro’s Fuse Oncology raises more cash from First Launch Capital

Greensboro’s Fuse Oncology raises more cash from First Launch Capital


GREENSBORO – Fuse Oncology, a spin-out of Cone Health and Cone Ventures, has raised additional capital, including follow-on investment from the First Launch Capital Fund (FLCF).

According to the company, it had previously raised nearly $3 million in an oversubscribed pre-seed round after spinning out in August 2021.

The firm is in the process of creating a new practice management platform, which according to a statement shared with WRAL TechWire will improve efficiency, quality, and safety for oncology practices.

“Fuse Oncology is a terrific example of our local employers making real investments in entrepreneurship,” said Adam Duggins, First Launch Capital Fund Investment Committee member. “We hope other large employers in the Triad follow the model that Cone Health has set towards investing in startups that can both help their organizations and create scalable growth opportunities here in the Triad.”

The 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.

Greensboro battery startup Soelect raises $11M Series A, including from GM

First Launch Capital Fund

The latest round of funding came from the regular communication from leaders at Cone Ventures and First Launch Capital Fund about the projects and technologies in development at Cone Health, said Lou Anne Flanders-Stec, the executive vice president of entrepreneurship at Launch Greensboro, a program of the Greensboro Chamber of Commerce.  “When FLCF learned about the SaaS product focused on the Radio Oncology practice area that was developed at and in use at Cone Health, we moved forward with due diligence.”

This is the seventh investment for the First Launch Capital Fund, which invests “in entrepreneurs and small businesses to expand the culture of innovation throughout the 12 county Piedmont Triad Region of Central North Carolina,” according to the fund’s website.

Other investments include Unbox the Dress, CrewPay, Proodos, ThreatSketch, Beam Dynamics, and Soelect.

Soelect announced an $11 million Series A round in February.

 





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Kassie Hoffman
Kassie pens down all the news from the world of politics on ANH.