Freenome has successfully raised $1.1 billion over 8 funding rounds, achieving a valuation of $1 billion or more. The company specializes in early cancer detection using advanced machine learning techniques and genomic science.
Keep reading to explore the intricacies of Freenome's fundraising journey and the investors backing this innovative platform.
What Is Freenome?
Freenome, founded by Riley Ennis and Gabriel Otte, is a biotech company based in South San Francisco, California. The company specializes in early cancer detection using advanced machine learning and genomic science.
With a team of 201-500 employees, Freenome develops simple blood tests to identify early-stage cancer, aiming to make treatments more effective. Their innovative approach combines the latest scientific breakthroughs with artificial intelligence.
Freenome's mission is to empower individuals with tools to detect, treat, and prevent diseases, focusing on early-stage cancer detection. The company has received significant investment and is in the scale stage with rapidly increasing operations.
How Much Funding Has Freenome Raised?
- Seed Funding
- Amount Raised: $5.5 million
- Date: June 2016
- Lead Investors: Andreessen Horowitz
- Motivation Behind the Round: To support the development of Freenome's liquid biopsy technology for early cancer detection through cell-free DNA sequencing.
- Series A
- Amount Raised: $65 million
- Date: March 2017
- Lead Investors: Andreessen Horowitz
- Motivation Behind the Round: To expand clinical trials, accelerate research, and bring Freenome's disease screenings to market.
- Series B
- Amount Raised: $160 million
- Date: July 2019
- Lead Investors: RA Capital Management and Polaris Partners
- Motivation Behind the Round: To further develop Freenome's multiomics platform and conduct a pivotal validation study for FDA submission.
- Series C
- Amount Raised: $270 million
- Date: August 2020
- Lead Investors: Bain Capital Life Sciences and Perceptive Advisors
- Motivation Behind the Round: To accelerate the FDA registrational study of Freenome’s blood test for colorectal cancer screening and advance the product pipeline for other cancers.
Freenome has raised a total of $500.5 million in funding, with a current valuation of $1 billion.
Key Investors
- RA Capital Management
- Details: RA Capital Management is a life sciences-focused investment firm based in Boston. They specialize in companies developing innovative treatments and diagnostics.
- Investment Focus Areas: Biotechnology, healthcare, life sciences.
- Notable Investments: Moderna, CRISPR Therapeutics, Intellia Therapeutics.
- Polaris Partners
- Details: Polaris Partners is a venture capital firm that invests in technology and healthcare companies. They have a diverse portfolio, including biotech, healthcare IT, and medical devices.
- Investment Focus Areas: Healthcare, technology, consumer products.
- Notable Investments: Akili Interactive, Editas Medicine, Ironwood Pharmaceuticals.
- Perceptive Advisors
- Details: Perceptive Advisors is an investment firm focused on the life sciences sector. They invest in companies developing novel therapies and diagnostics.
- Investment Focus Areas: Healthcare, biotechnology, life sciences.
- Notable Investments: Axsome Therapeutics, Biohaven Pharmaceuticals, Immunovant.
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a venture capital firm that invests in technology and healthcare sectors. They have a significant presence in the biotech industry through their Bio Fund.
- Investment Focus Areas: Technology, healthcare, biotechnology.
- Notable Investments: Facebook, Airbnb, Lyft.
- GV (formerly Google Ventures)
- Details: GV is the venture capital arm of Alphabet Inc., focusing on investments in technology and life sciences. They support companies at various stages of development.
- Investment Focus Areas: Technology, life sciences, healthcare.
- Notable Investments: Uber, Slack, Flatiron Health.
What's Next for Freenome?
Freenome stands at the cusp of a transformative opportunity in the healthcare industry. With their multiomics platform, they aim to revolutionize early cancer detection, targeting a vast market of millions who are not up-to-date on screening guidelines. The potential to expand their blood tests to detect various cancers positions them for significant growth.
Future fundraising seems promising, given the successful Series C round and the involvement of high-profile investors. As they advance their product pipeline and seek FDA approval, additional funding rounds or strategic partnerships could further bolster their expansion efforts.
However, challenges remain. Regulatory hurdles, competition in the liquid biopsy market, and the need to scale their technology are significant obstacles. Ensuring the accuracy and reliability of their tests across different cancer types will be crucial for their continued success.
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