Freenome Secures $254 Million in New Funding to Advance Multi-Omic Early Cancer Detection Platform

Feb 17, 2024 18:12 CST Updated 18:12

Freenome Holdings

Disease Screening Product Developer

Roche

Oncology Drug Research, Development, and Manufacturing

a16z Life Sciences Growth Fund

Early- to Mid-Stage Investment Firms

BrightEdge Ventures

Europe's Leading EdTech Venture Capital Fund

ARK Investments

Asset Management Investment Institution

ArrowMark Partners

An Investment Adviser Registered with the U.S. Securities and Exchange Commission

ARTIS Ventures

Venture Capital Firms

Bain Capital

Private Equity and Venture Capital Firms

Cormorant Capital

Venture Capital and Business Consulting Firm

Data Collective VC

Early-Stage Venture Capital Firms

Eventide Asset Management

Venture Capital Firm

Intermountain Ventures

Intermountain Healthcare’s Venture Capital Arm

Perceptive Advisors

Private Hedge Fund Sponsor

Polaris Partners

Venture Capital Firms in Digital Media, Life Sciences, and Enterprise Software

Pura Vida

Healthcare Investment Firms

Quest Diagnostics

Diagnostic Testing Service Provider

RA Capital

Life Sciences Venture Capital Firms

Sands Capital

Venture Capital Firms

Section 32

Venture Capital Firms

Squarepoint Capital

Global Investment Institutions

T. Rowe Price

Venture Capital Firms in the Technology Startup Sector

Recently, Freenome, a biotechnology company based in South San Francisco, California, that develops blood tests for early cancer detection, announced it has raised an additional $254 million in funding from new and existing investors. This funding enables Freenome to advance the development of single-cancer and tailored multi-cancer early detection tests built on its multi-omics platform.Freenome was founded in 2014 and completed a Series A financing round totaling $72 million in 2017.In 2019, the company completed a $160 million Series B financing round, in 2020 it completed a $270 million Series C financing round, and in 2021 it completed a $300 million Series D financing round. To date, the cumulative financing has exceeded $1.1 billion.

Roche led the latest round of financing, with participation from a16z Life Sciences Growth Fund, BrightEdge Ventures of the American Cancer Society, 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, and T. Rowe Price Associates, Inc.

Freenome CEO Mike Nolan stated:"We thank our investors for their support and confidence. We are jointly committed to addressing the urgent need for better cancer screening solutions, striving to make early cancer detection more accessible and convenient for everyone. With this funding, we can fully realize the potential of our platform in providing early cancer detection."

Roche Diagnostics CEO Matt Sause said:"We are excited about Freenome's journey over the past few years, and we look forward to expanding our collaboration. Expanding the scope of early cancer screening means helping patients gain timely information for better outcomes. Freenome’s groundbreaking blood screening and data-driven insights offer incredible potential to transform personalized healthcare."

Cancer has claimed many lives, partly because the disease is often detected late. Freenome is leveraging its multi-omics platform, which uses computational biology, machine learning, and other technologies to develop screening tools that detect cancer at its earliest and most treatable stage. The platform is also being evaluated in collaboration with Freenome's biopharmaceutical and diagnostics company partners for non-invasive detection of minimal residual disease (MRD) and is enhanced by biological insights from the multi-omics platform.

Freenome’s initial projects focus on lethal and actionable cancers — colorectal cancer and lung cancer, with single-cancer and multi-cancer detection currently under development.

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