Veritas Genetics picked up $30 million in Series B funding, which it will put toward expanding its product portfolio and operations, improving its consumer digital experience and building partnerships with hospitals and researchers worldwide.
The company rolled out its $999 whole genome sequencing service earlier this year. The myGenome platform can be run on a smartphone app, which includes on-demand genetic counseling through video conferencing as well as access to physicians at various entities, such as Massachusetts General Hospital and Dana-Farber Cancer Institute, for clinical options and clinical follow-up care.
While Veritas collects blood or saliva samples from patients and returns results in a report via the platform, myGenome is avoiding FDA oversight as a “direct-to-consumer” DNA test because it is a physician-ordered test. This puts the test in the same regulatory category as regular lab tests, such as those for cholesterol.
"With a $999 genome, we are at the tipping point of a transformation in healthcare where the genome is going to be at the center of many decisions we make about our health and quality of life, throughout our lives," said Veritas CEO Mirza Cifric in a statement. "This investment is not only a sign of confidence in our team and the company but one for the entire genomic industry. We are excited to have our new investors, which include world class teams with strategic value in the U.S. and Asian markets, as we expand globally."
The company didn’t elaborate on its plans for the cash, but it did appoint three new executives to “lead these efforts”: Tim Smith joined as chief operating officer, Rodrigo Martinez joined as chief marketing and design officer, and Doug Flood joined as chief commercial officer.
Trustbridge Partners, a new investor, led the round, with participation from another new investor, Jiangsu Simcere Pharmaceutical and existing backer Lilly Asia Ventures. The Series B brings Veritas’ total funding to $42 million.