Mom and Daughter’s Black Doctor-Owned Startup Raises $14M, Using AI to Help Cancer Patients

blacknewsdailyMarch 22, 2024

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Dr. Olufunmilayo Olopade and Feyi Olopade Ayodele

Meet Dr. Olufunmilayo (Funmi) Olopade and her daughter, Feyi Olopade Ayodele, the co-founders of CancerIQ, a Black-owned healthcare technology company that has secured $14 million in funding to advance its mission of using AI technology to detect cancer early. Funmi serves as Chief Scientific Officer of the company while Feyi is the company’s CEO.

Their innovative approach is to address disparities in cancer care, particularly among underserved communities, by providing personalized risk assessments and connecting patients with tailored care plans.

Due to various barriers, including limited access to healthcare, many Black women are diagnosed with cancer at later stages, leading to poorer outcomes compared to their white counterparts. The pandemic only worsened matters, with millions missing crucial screenings.

But CancerIQ is stepping up. Their precision health platform leverages AI to assess a patient’s cancer risk based on factors like genetics and family history. Then, it connects them with personalized care plans, ranging from screenings to lifestyle interventions. The platform has already been in use at over 180 locations nationwide.

“CancerIQ’s vision is to end cancer as we know it by eliminating health disparities and democratizing access to the latest advances in cancer early detection and prevention,” Ayodele said after being featured in Forbes. “We started by making genetic testing more accessible and connecting patients to the right preventive services at the right time.”

Meanwhile, the new funding will further CancerIQ’s mission to bridge gaps in cancer screening and risk assessment, as highlighted in a recent report from the President’s Cancer Panel. With a vision to end cancer disparities, the company aims to democratize access to advanced detection and prevention methods.

The funding round was co-led by Merck Global Health Innovation Fund and Amgen Ventures, showcasing industry support for CancerIQ’s vision. And with plans to hire 50 new team members, the company is gearing up to make an even bigger impact in the fight against cancer.