BillionToOne, a pioneering molecular diagnostics company, has announced a successful Series D funding round, raising $130 million. The oversubscribed round was led by Premji Invest, with substantial contributions from new investor Neuberger Berman and existing investors such as Adam Street Partners, Baillie Gifford, Hummingbird Ventures, Civilization Ventures, Libertus Capital, and Fifty Years. This significant influx of capital will be utilized to expand and scale BillionToOne’s prenatal screening and oncology diagnostics businesses.
BillionToOne’s cutting-edge technology, Quantitative Counting Templates™ (QCTs™), enables the precise counting of DNA molecules at the single base-pair level. This innovation has allowed the company to develop unique and differentiated tests that push the boundaries of molecular diagnostics. To date, over half a million patients have benefited from BillionToOne’s tests, and the company has seen remarkable growth, achieving an annual recurring revenue of $125 million in just four years.
One of BillionToOne’s standout offerings is the UNITY Fetal Risk™ Screen, the first and only prenatal test of its kind. This test uses fetal cell-free DNA to provide direct insights into fetal risks for aneuploidies and common recessively inherited conditions such as sickle cell disease, spinal muscular atrophy, and cystic fibrosis. Notably, it does not require a blood sample from the male partner or amniocentesis, making it less invasive and more accessible.
In addition to its prenatal tests, BillionToOne offers advanced oncology diagnostics through its Northstar Select® and Northstar Response® liquid biopsy products. Northstar Select® assists clinicians in selecting the most appropriate therapies for late-stage cancer patients and boasts a detection limit 2-5 times lower than other assays on the market. Northstar Response®, a methylation-based ctDNA assay, offers ten times the precision of SNV-based assays and is validated across various cancer types to assess treatment responses in late-stage patients.
Akshay Rai, who led the Series D round and will join BillionToOne’s Board of Directors, expressed his enthusiasm for the company’s future. “At Premji Invest, we seek to partner with exceptional teams addressing significant challenges and building enduring businesses. We are excited to join BillionToOne on its journey to create a leading molecular diagnostics platform. The company has made tremendous strides in transforming the prenatal segment, and the potential of their liquid biopsy products is equally promising. We are eager to see how BillionToOne will expand diagnostic options for clinicians across various specialties.”
With this latest funding round, BillionToOne’s total capital raised now approaches $400 million. The company’s impressive roster of investors includes NeoTribe Ventures, Norwest Venture Partners, Four Rivers Group, and Y Combinator, underscoring the strong support and confidence in its innovative approach to molecular diagnostics.
BillionToOne continues to make significant advancements in the field of molecular diagnostics, aiming to provide more accurate, accessible, and comprehensive diagnostic solutions for both prenatal and oncology applications. As the company scales its operations and expands its reach, it remains committed to transforming healthcare through cutting-edge technology and innovation.
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