BillionToOne, a molecular diagnostics company, secured an additional $48.5 million of funding from existing equity investors as well as an upsized term loan facility with access to up to $35 million with its existing lender, Bridge Bank.
With this additional funding, BillionToOne has raised more than $280 million since its first commercial product launch three years ago. The $48.5 million funding from equity investors consists of additional investments from Series C investors, including Libertus Capital, Hummingbird Ventures, Baillie Gifford, Adams Street Partners, Neotribe Ventures, Fifty Years VC, Norwest Venture Partners and Time BioVentures.
Since closing its $125 million Series C fundraising in March, BillionToOne has more than doubled its test volume and revenues. This additional funding, consisting of dilutive and non-dilutive capital, increases its runway to the end of 2024 and provides it with the capital to execute on its growth strategy for both prenatal and oncology products. The company will use the funds to continue to scale UNITY Screen, a commercially available, non-invasive prenatal test (NIPT) that assesses fetal risk for recessive conditions, red blood cell antigen incompatibility and aneuploidies, and to support the company’s plan to commercialize its liquid biopsy product line, Northstar Select and Northstar Response, in early 2023.
“I am thrilled that our existing investors and Bridge Bank are aligned with our powerful vision to transform healthcare and believe we have the right technology and team to do it. This additional funding speaks to their continued belief in us. I am honored to have each of them as our partners on this journey,” Oguzhan Atay, Ph.D., co-founder and CEO of BillionToOne, said.
“We have partnered with BillionToOne since its early days and have witnessed the company’s tremendous growth. They have a distinguished technology platform that has been gaining momentum, as is evident from the rapid scaling of its test volumes. We are excited to support their growth trajectory as they build a category defining company across both prenatal and oncology,” Firat Ileri from Hummingbird Ventures, a board member and one of the lead investors at BillionToOne, said.
“BillionToOne is truly differentiated in terms of its technology and talent. We have witnessed their perseverance as they continue to scale at a rapid pace. BillionToOne has a unique mix of technology and grit that is needed to maintain their accelerated pace of growth during these evolving financial times,” Brian Kirkpatrick, vice president in Bridge Bank’s life sciences group, said.