BillionToOne closes its follow-on Series A+ funding round at a $15 million mark
FREMONT, CA: BillionToOne, Inc., a spear-heading precision diagnostics company that developed the QCT molecular counter platform(patent pending), closed its follow-on Series A+ round of Financing after raising $15 million with a select number of global investors. Previously existing investors Hummingbird Ventures and NeoTribe Ventures led the investment round with active participation from Y Combinator, Libertus Capital, Pacific 8 Ventures, Civilization Ventures, 500 Startups Istanbul, and HOF Capital. The follow-on Series A+ round brought the total funding of BillionToOne to a whopping $32.5 million. The biotech startup plans to utilize the funding to support the widespread commercial expansion of UNITY to all US states along with the upgrade for the future research and development of diagnostic tests, including the liquid biopsy products.
"Since the launch of UNITY last summer, we faced a significant demand from the prenatal providers from community Ob/Gyns to top academic institutions throughout the US. We are planning to expand the capacity of our CLIA-certified laboratory by more than 20x and our commercial team size up to 50 account executives to meet the demand," said Oguzhan Atay, Ph.D., co-founder, and CEO of BillionToOne. "This additional funding will help us accelerate this expansion process."
The non-invasive prenatal tests (NIPTs) procedures at present exclude single-gene inherited disorders like cystic fibrosis and spinal muscular atrophy. This is because the technique detects only the larger chromosomal abnormalities that are greater than one million base-pairs. The same goes for today's liquid biopsy tests where specific cancer mutations, such as HER2—one of the most critical genes for breast cancer—is not detected until it is as high as 20 percent of the total cell-free DNA of the blood sample. BillionToOne's platform presents an ability to quantitatively measure and determine the mutations while it is at much lower levels.
"We are delighted with the surging demand in the market for UNITY. With additional novel clinical products in the pipeline, we are more confident than ever for the future growth of BillionToOne," said Firat Ileri of Europe-based Hummingbird Ventures. "We continue to believe that BillionToOne's sequencing platform is the future of cell-free DNA-based molecular testing." Kittu Kolluri, ex-NEA general partner and the current managing director at Neotribe Ventures, added, "BillionToOne's ability to execute on both R&D and commercial growth has been remarkable. We are pleased to continue to support this growth."
Cell-free DNA testing is a rapidly growing diagnostic industry as it is currently being used in a plethora of healthcare settings. It is utilized in detailed testing procedures such as prenatal genetic testing for chromosomal abnormalities and oncology for blood-based tumor profiling in late-stage cancers.
See Also: Top Biotech Solution Companies