Color Secures $75 Million Series D Funding to Advance Genomic Testing Platform

On January 16, 2020, VCBeat (WeChat ID: vcbeat) learned from foreign media that precision genomics company Color announced the completion of a $75 million Series D financing round. The round was co-led by venture capital firms T. Rowe Price and Viking Global Investors.

It is reported that Color will use the funds from this round of financing to further develop its genetic testing platform and apply genomic testing technology to the field of preventive healthcare.

To date, Color has completed five rounds of financing, raising a total of over $200 million. Notably, the company closed its $45 million Series B round in September 2016 and its $80 million Series C round in August 2017.

Founded in 2013 and headquartered in California, USA, Color is a health technology and precision genomics company. The company primarily provides customers with high-quality, affordable, and compliant genetic testing and genetic counseling services, aiming to expand access to genetic testing to help the broader population understand hereditary diseases and their associated risks. Color leverages proprietary custom software and advanced CAP- and CLIA-certified automated laboratories to deliver genetic testing services for conditions such as common hereditary cancers and familial hypercholesterolemia.

Currently, Color is operating in regions including New York, Florida, Maryland, and Pennsylvania. In 2019, the company announced partnerships with technology and healthcare companies such as Apple, Verily, Chicago-based NorthShore University HealthSystem, and New Orleans-based Ochsner Health System. A spokesperson for Color stated that the value of its partnership contracts has grown more than sevenfold over the past year.

Unlike other digital health companies focused on genetic testing, Color has always emphasized the importance of genetic counselors. The company participates in the National Institutes of Health (NIH) “All of Us” program, which aims to provide software solutions for genetic testing and health data to the general public; connecting individuals with genetic counselors is a key component of this initiative. Additionally, Color has partnered with leading cancer clinics through its Color For All program to offer free genetic testing services to specific populations.

According to Fortune, Color CEO Othman Laraki stated in an interview, “This financing round is driven by our significant business growth and improved profitability. Color remains focused on continuing to develop its genetic testing platform and expanding sustainable business operations. We are dedicated to genetics, rather than merely selling testing technologies and software.”

T. Rowe Price, founded in 1937 and headquartered in Maryland, is a publicly listed company specializing in the technology sector. The firm primarily invests in technology startups and provides services to individual investors and financial intermediaries, managing over $900 billion in assets (as of 2018).

Viking Global Investors, founded in 1999 and headquartered in Greenwich, Connecticut, USA, is a global investment firm. The company maintains offices in Greenwich, New York, London, and Hong Kong, with over $20 billion in assets under management. In August 2011, SinoCubate, a global financial advisory and investment firm, acquired Viking Global Investors.

(Compiled by Xu Xiaoxue)