Massive Bio Secures $9 Million in Funding

Massive Bio Raises USD 9 Million in Funding The investment will accelerate expansion of revenue-generating operations in existing and new global markets by leveraging artificial intelligence-based technology solutions for oncology clinical trials. Massive Bio secured USD 9 million in a funding round led jointly by Revo Capital and Kenan Turnacıoğlu, Chairman of PaigeAI, with additional participation from German development finance institution DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH. The funds will be used to expand the company's global operations, intensify marketing activities, and develop new big-data-driven products. Massive Bio is the only company in the world that connects cancer patients with clinical trials regardless of where they live or their economic circumstances, accomplishing this within hours by combining technology, big data, and service. When cancer patients enter their information into the system, Massive Bio's artificial intelligence algorithms match the patient's data with the most appropriate treatment method and nearest clinical research center. Selin Kurnaz, Founder and CEO of Massive Bio, said: "We are building a category-defining company in the oncology ecosystem by designing the patient enrollment value chain. This is why the support of our new and existing investors excites us. We are significantly different from other companies in our category. Despite economic headwinds, we continue to maintain low-cost, stable revenue and customer growth. The most important insight driving our growth is customer demand. Our passion for our work, commitment, and determination have led to our success and expansion in 12 markets without a dedicated sales or marketing force. In addition to having financial support, healthcare expertise, and global reach from investors like DEG and Kenan, having the deep technology expertise of existing investors like Revo Capital will help us achieve our goals on a global and accelerated scale." Kenan Turnacıoğlu, Chairman of PaigeAI and one of the investment leaders, continued: "Massive Bio has an impressive track record of impacting and expanding its customers in the pharmaceutical industry, while being unmatched in execution. We were impressed by the founders' courage to solve large and complex problems with minimal capital and resources, their high motivation, and their complementary teams. We felt we could accelerate their dreams together with our capital and expertise. They have the potential to transform the oncology research industry and become a company that changes the world." Cenk Bayrakdar, Founder and Managing Director of Revo Capital, noted that they have worked with Massive Bio for the past two years and that the company's artificial intelligence-powered platform provides important insights to pharmaceutical firms. He expressed pride in leading the company to its next phase after seeing how much the platform has facilitated patients' access to clinical trials. Massive Bio received one of its first investments in September 2016 from 500 İstanbul, the Istanbul branch of 500 Startups, and had raised USD 6.8 million in total since its founding. In February of last year, it was selected for NYC Digital Health 100, which features some of the most exciting healthcare startups in the New York region.