GRAIL Secures $390 Million Series D Funding to Advance Multi-Cancer Early Detection Blood Test

On May 9, 2020, VCBeat (WeChat official account: vcbeat) learned that cancer screening company GRAIL announced on May 7 (local time) that it had secured $390 million in Series D financing. The investors included new participants such as the Public Sector Pension Investment Board (PSP Investments), Illumina, and the Canada Pension Plan Investment Board (CPP Investments), along with two undisclosed investors.

It is reported that GRAIL has raised $2.115 billion in funding since 2016. Previously, the company completed its Series A and Series B financing rounds in 2016 and 2017, respectively, and secured Series C and Series D funding in 2018 and 2019, respectively. This round of financing will be used to support the continued development and commercialization of GRAIL’s multi-cancer early detection blood test, with the aim of reducing global cancer mortality rates.

GRAIL is a healthcare company based in Menlo Park, California, and Washington, D.C., with a mission to detect curable cancers as early as possible. By developing groundbreaking technologies capable of identifying multiple deadly cancers at an early stage, GRAIL aims to reduce the global burden of cancer. Currently, the company is leveraging next-generation sequencing technology, population-scale clinical studies, and the latest advances in computer science and data science to enhance scientific understanding of cancer biology and develop its multi-cancer early detection blood test. GRAIL has garnered recognition and support from leading global investors as well as pharmaceutical, technology, and healthcare companies.

GRAIL’s multi-cancer early detection test is designed to screen for cancers at their initial stages. With the aid of this technology, patients have a higher chance of survival compared to cases where cancer is detected only after symptoms appear. Clinical data indicate that this technology can detect multiple types of cancer with an extremely low false-positive rate of less than 1%.

GRAIL’s test is designed to minimize false-positive results, thereby limiting the harm associated with unnecessary interventions. In addition to multi-cancer screening, the test helps mitigate patient anxiety and avoids unnecessary diagnostic procedures. When a cancer signal is detected, the test can accurately identify the tumor’s location in the body, which is a critical step in guiding subsequent diagnosis and care.

GRAIL leverages methylation technology to prioritize the most information-rich regions of the genome, aiming to utilize its proprietary database and machine learning algorithms to detect the presence of cancer and identify the tissue of origin for tumors.

Hans Bishop, CEO of GRAIL, stated, “GRAIL has made significant strides in the early detection of multiple cancer types through blood-based tests. In fact, nearly 80% of cancer deaths are attributable to cancers that have not been screened for. GRAIL’s mission is to change this high mortality rate by enabling the early detection and localization of more than 50 types of cancer. By helping rural populations, underserved communities, and groups overlooked by government programs gain access to diagnostic services, GRAIL provides patients with opportunities for cancer screening. We are pleased to share our vision with investors and to highlight the public health benefits of GRAIL’s technology.”

PSP Investments is one of Canada’s largest pension investment management firms. As of March 31, 2016, the company managed CAD 116.8 billion in assets. PSP Investments invests on behalf of the pension plans for the Public Service, the Canadian Armed Forces, the Royal Canadian Mounted Police, and the Reserve Force.

PSP Investments is a team of over 600 professionals managing a diversified global portfolio that includes equities, bonds, and other fixed-income securities. The firm also invests in private equity, real estate, infrastructure, natural resources, and private debt.

Illumina is a leading developer, manufacturer, and marketer of life science tools and integrated systems for large-scale analysis of genetic variation and function. The systems it develops have enabled research that was unimaginable just a few years ago, advancing medicine toward personalization. Amid rapid technological advancements, Illumina’s innovative solutions offer the industry greater flexibility and scalability.

Illumina leverages next-generation sequencing and microarray technologies and platforms to continuously advance life sciences, translational and consumer genomics, and molecular diagnostics. As a global leader in DNA sequencing and biochip technology, Illumina serves research, clinical, and applied markets, with its product portfolio spanning life sciences, oncology, reproductive health, agriculture, and other emerging fields.

The Canada Pension Plan Investment Board is a professional investment management organization. The Canada Pension Plan, in which it invests, is not required to pay pensions, disability benefits, or survivor benefits. The Canada Pension Plan Investment Board is mandated to safeguard the interests of contributors and beneficiaries of the Canada Pension Plan, inMaximize investment returns without incurring the risk of unnecessary losses. At its core, it is about safeguarding the financial security of 20 million Canadians in retirement.