BillionToOne, a diagnostic developer, has reached a billion-dollar valuation after raising $130 millions in venture capital funding.
The Menlo Park-based company stated that the proceeds would help scale up their DNA testing businesses for non-invasive cancer screening and prenatal screening. Premji led the series D round, which was joined by Neuberger Berman and Adam Street Partners.
BillionToOne’s molecular diagnosis has focused on the significant impacts of even the smallest genetic changes. While traditional prenatal screening may focus on chromosome changes, single mutations can cause conditions such as sickle-cell disease.
Since launching its first tests, the company has evaluated over 500,000 patients, generating $125 million annually. The flagship UNITY Fetal Risk Screen tests blood samples for cell free DNA fragments to gauge the risk of recessively-inherited conditions like spinal muscular atrophy or cystic fibrosis. This test does not require amniocentesis nor a male partner’s blood sample.
Akshay Rai of Premji Invest, who recently joined BillionToOne’s board, said : “BillionToOne is making great progress in transforming prenatal care over the past few years. After seeing the initial growth of their liquid biopsies, we are excited about the platform’s ability to expand the diagnostics options for clinicians in other fields.”
, meanwhile, reported earlier this year, that its screening test for Rh-incompatibility in pregnant patients had produced more than 80,000 positive results. This helped guide the efficient use of RhoGAM injections, which were in short supply.
The company has also developed its Northstar tests in oncology to guide cancer therapy selection, and monitor patient response.
BillionToOne has raised nearly $400 million in total funding over the course of its history. This latest round follows a $125-million series C in March 2020. NeoTribe Ventures and Norwest Venture Partners were among the previous backers. Four Rivers Group, Y Combinator, and NeoTribe Ventures also contributed.