Oncological diagnostics company Foundation Medicine has raised $42.5m in a series B round from WuXi Corporate Venture Fund, the corporate venturing unit of China-based medical biotich and pharmaceutical research firm WuXi AppTech, Roche Venture Fund, a corporate venturing unit of the Switzerland-based pharmaceutical company, Deerfield Management Company, an investment vehicle for asset management firm CIFC and venture capital (VC) firms, Casdin Capital and Redmile Group.
The round also included returning series A backers Google Ventures, the corporate venturing unit of Google., and VC firms Kleiner Perkins Caufield & Byers and Third Rock Ventures. Together they raised $33.5m for Foundation Medicine in October last year. One undisclosed fund and one undisclosed strategic investor also joined the round.
Founded in 2010, Massachusetts based Foundation Medicine develops analytical software for tumor patients with the intention of matching patients to suitable treatments based on their genetic traits.
According to Foundation’s press release the funds will be used to scale up commercial operations and research new diagnostics products.