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Venture Capital News: Freenome Lands $254M

2024-02-15
SOUTH SAN FRANCISCO, CA, Freenome, a biotechnology company developing blood tests for early cancer detection, announced the addition of $254 million from new and existing investors.
The funding enables Freenome to advance the pipeline of single-cancer and tailored multi-cancer early detection tests built on its multiomics platform.

Roche led the financing, joined by a16z Life Sciences Growth Fund, the American Cancer Society's BrightEdge Ventures, ARK Investments, ArrowMark Partners, Artis Ventures, Bain Capital Life Sciences, Cormorant Capital, DCVC, Eventide Asset Management LLC, Intermountain Ventures, Perceptive Advisors, Polaris Partners, Pura Vida Investments, Quest Diagnostics (NYSE: DGX), RA Capital Management, Sands Capital, Section 32, Squarepoint Capital, with funds and accounts advised by T. Rowe Price Associates, Inc., and others.

Freenome is breaking barriers to early cancer detection with a suite of blood tests built on its multiomics platform. The company recognizes that no single technology can identify every cancer due to the inherent heterogeneity of the disease. Freenome's multimodal approach combines molecular biology and assays with computational biology, machine learning and multiple data types to tune into cancer's subtlest cues, even at the earliest stages of disease. With the convenience of a standard blood draw, Freenome aims to empower everyone to access recommended cancer screenings. The company is partnering with healthcare organizations and population health decision-makers to integrate its technology and software platform, making cancer detection easier and more accessible.
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