Leading Molecular Diagnostics Company BillionToOne Raises $130 Million in Oversubscribed Series D Funding Over $1B+ Valuation

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Jun 21, 2024, 15:15 ET

The financing will further scale BillionToOne's prenatal screening and oncology diagnostics businesses

MENLO PARK, Calif., June 21, 2024 /PRNewswire/ -- BillionToOne, a next-generation molecular diagnostics company, announced today that it has raised $130 million in an oversubscribed, upsized Series D round. The financing was led by Premji Invest, with significant participation by another incoming investor, Neuberger Berman, as well as by prominent existing investors, including Adam Street Partners, Baillie Gifford, Hummingbird Ventures, Civilization Ventures, Libertus Capital, and Fifty Years. The funding will be used for expanding and scaling BillionToOne's prenatal and oncology businesses.

BillionToOne's unique technology, Quantitative Counting Templates™, QCTs™, enables counting DNA molecules with single base-pair precision, and it has allowed the company to develop truly differentiated tests that redefine the possibilities of molecular diagnostics. Over 500K patients have received BillionToOne tests to date, and BillionToOne has grown from $0M to $125M ARR in the last ~4 years.

UNITY Fetal Risk^™ Screen is the first-and-only prenatal test of its kind. The test leverages fetal cell-free DNA to provide direct insights into fetal risk for aneuploidies and common recessively inherited conditions, such as sickle cell disease, spinal muscular atrophy, and cystic fibrosis, without requiring a blood sample from the male partner or amniocentesis. BillionToOne's complementary oncology liquid biopsy products, Northstar Select® and Northstar Response®, enable clinicians to select the right therapies and monitor patients' responses to therapies, particularly in late-stage cancer patients. Northstar Select® achieves a 2-5x lower limit of detection compared to other assays on the market, and Northstar Response® is a methylation-based ctDNA assay with 10x precision than SNV-based assays, validated across different cancer types to assess the treatment response in late-stage cancer patients.

Akshay Rai, who has led the Series D round and is joining BillionToOne's Board of Directors, said, "At Premji Invest, we aim to partner with exceptional teams, solving difficult problems while building enduring businesses. We are thrilled to be a part of BillionToOne's journey to create an industry-leading molecular diagnostics platform. BillionToOne has made great progress in transforming the prenatal segment over the last few years, and after seeing the initial growth and potential of their liquid biopsy products, we are excited by the platform's potential in expanding the diagnostics options available to clinicians in other specialties."

With the latest investment, BillionToOne's total capital raised to date totals nearly $400 million. This round adds to an impressive list of existing investors, including NeoTribe Ventures, Norwest Venture Partners, Four Rivers Group, and Y Combinator.

To learn more about BillionToOne, please visit www.billiontoone.com.

About BillionToOne
Headquartered in Menlo Park, California, BillionToOne is a precision diagnostics company on a mission to make molecular diagnostics more powerful, efficient, and accessible for all. The company's patented Quantitative Counting Technology™ (QCT™) molecular counting platform is the only multiplex technology that can accurately count DNA molecules at the single-molecule level. For more information, visit www.billiontoone.com.

Media Contact: Sara Zick, [email protected]

SOURCE BillionToOne