BillionToOne Closes $125M Series C Funding with Premier Global Investors
MENLO PARK, Calif., March 30, 2022 /PRNewswire/ — BillionToOne, Inc., a next-generation molecular diagnostics company with a mission to create powerful and accurate tests that are accessible to all, announces the closure of an oversubscribed Series C funding round of $125 million with premier global investors. This round was co-led by incoming investor Adams Street Partners and existing investor Hummingbird Ventures with significant participation from Baillie Gifford, Neotribe Ventures, Norwest Venture Partners, Civilization Ventures, Fifty Years VC, Pacific 8 Ventures, Time BioVentures, and Libertus Capital, among others.
BillionToOne closes Series C funding round of $125M.Tweet this
BillionToOne’s molecular counting technology increases the resolution of disease detection using cell-free DNA by over 1000-fold. This technology is at the core of the Company’s products. BillionToOne’s flagship product, UNITY Screen™, is the only non-invasive prenatal test (NIPT) that can assess fetal risk for common recessive conditions and aneuploidies from one maternal blood sample. According to an independent peer-reviewed publication (Choates et al., 2020), less than half of male partners go through traditional carrier screening when indicated, limiting the identification of at-risk pregnancies. UNITY Screen™ does not require a paternal sample to assess fetal risk, supporting greater equity in care. The Company has been growing its market share at an exponential pace, with test volumes increasing more than 300% year over year in the fiscal year 2021. BillionToOne is applying this same molecular counting technology to a groundbreaking liquid biopsy test that combines treatment selection with monitoring. This test is slated to launch this year.
This Series C funding will be used to expand BillionToOne’s commercial and clinical teams, scale up lab capacity, and conduct clinical studies for their liquid biopsy test. “Our prenatal test is solving a critical unmet medical need. We continue to grow at an incredible rate, and we are building out an ever-increasing set of larger laboratory facilities. The current funding will be used to support our prenatal test growth while launching our differentiated liquid biopsy test that will transform oncology care,” said Oguzhan Atay, Ph.D., co-founder and CEO of BillionToOne.
“We have partnered with BillionToOne since their Series A in 2019, and it has been incredible to witness the Company’s tremendous growth and unparalleled execution. BillionToOne has experienced a significant expansion in terms of test volume and team members despite a pandemic. This is not by accident. The Company has an extremely talented and diverse team and a powerful technology platform. This unique combination will lead BillionToOne to revolutionize molecular diagnostics,” said Firat Ileri at Hummingbird Ventures, a board member and one of the lead investors at BillionToOne.
Thomas Bremner from Adams Street Partners, who is joining BillionToOne’s Board of Directors, adds, “BillionToOne’s truly differentiated technology, product lines that enable it to grow with higher efficiency, execution in the prenatal market, and plans for the oncology sector are exactly the kinds of traits we look for in companies that we invest in. We have great confidence around their growth trajectory and look forward to the next phase as they build a category-defining molecular diagnostics company.”
BillionToOne, headquartered in Menlo Park, California, is a molecular diagnostics company with a mission to make molecular diagnostics more accurate, efficient, and accessible for all. The Company’s QCT molecular counter platform is the only technology that can count DNA molecules at the single-count level with single base-pair precision. BillionToOne was co-founded by Oguzhan Atay, Ph.D., and David Tsao, Ph.D. For more information, visit www.billiontoone.com.
About Adams Street Partners
Adams Street Partners is a global private markets investment manager with investments in more than 30 countries across five continents. The firm is 100% employee-owned and has over $51 billion in assets under management. Adams Street strives to generate actionable investment insights across market cycles by drawing on 50 years of private markets experience, proprietary intelligence, and trusted relationships. Adams Street has offices in Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, and Tokyo.
About Hummingbird Ventures
Hummingbird Ventures is a global early-stage venture capital fund with over $500M in assets under management, with a focus on investing in exceptional founders. Hummingbird works best with outsiders who challenge industry boundaries and conventions, transforming tiny miracles into impactful companies.
Often as the ﬁrst institutional investor, Hummingbird Ventures have helped start-ups scale from zero to category-defining multi-billion dollar businesses across three continents, including Kraken, Deliveroo, Peak, and more.