US-based health technology developer Freenome raised $7m in a series A extension yesterday to close the round, already backed by conglomerate Alphabet’s corporate venturing unit GV, at $72m.
The second tranche was led by Section 32, the VC firm founded by former GV chief executive Bill Maris. Anne Wojcicki, co-founder and chief executive of personal genomics company 23andMe, and unnamed corporate and private investors also participated.
Freenome achieved a first close at $65m in March 2017. VC firm Andreessen Horowitz led that transaction, with participation from GV, Data Collective, Founders Fund, Polaris Partners, Innovation Endeavors, Asset Management Ventures, Charles River Ventures and Spectrum 28.
Verily, the life sciences subsidiary of Alphabet, has also been revealed as an investor in Freenome’s series A round, though it is not clear which tranche the firm participated in.
Founded in 2014, Freenome relies on a combination of machine learning, computer science and biology to create simple but effective disease screening technology. The company is initially focusing on long, colorectal, breast and prostate cancer.
The capital will go towards accelerated clinical trials, expanded research and the market launch of first tests.
Andreessen Horowitz previously led a $5.5m seed round in June 2016, alongside Founders Fund, Data Collective, Third Kind Venture Capital and other undisclosed backers.
Gabe Otte, co-founder and chief executive of Freenome, said: “Our mission is to help clinicians find signs of disease at their most manageable stages so that outcomes for people fighting deadly diseases like cancer.
“The group of investors supporting Freenome bring a wealth of expertise in building world-class companies and we are grateful for the partnership we have developed with Bill Maris and the other forward-thinking investors who continue to help strategically advise Freenome.
“With this additional funding, we will further accelerate our research and clinical trial collaborations and continue advancing our first products towards regulatory review.”