Color Genomics has been growing by leaps and bounds since launching its genetic spit test last year. Now, the company is adding $45 million in Series B funding to its coffers to keep the ball rolling.
General Catalyst led the round with the support of singer/songwriter Bono. Existing investors such as BlackRock co-founder Susan Wagner, 8VC, Khosla Ventures and Emerson Collective also chipped in funds.
Burlingame, CA-based Color Genomics plans to use the funding to broaden its genetic testing platform, the company said in a statement. The latest investment brings the company’s total funding to $60 million, and that cash will help Color Genomics tap into a growing market.
“We’re in the middle of one of the greatest shifts seen in health,” Color Genomics CEO Elad Gil said in a statement. “Increased access to genetic information is enabling doctors and their patients to create personalized plans for better prevention, detection and treatment of hereditary disease. The new funding will go toward bringing even more people access to potentially life-saving genetic information and building the open databases necessary to further global research and development around major diseases.”
Color Genomics is also adding new members to its team as part of the funding. Wagner and General Catalyst Managing Director Hemant Taneja will join Color Genomics' board.
The two are “pioneers in their respective industries,” Color Genomics President Othman Laraki said in the statement. Wagner’s “strong experience in finance and building a global business will be of great value to Color as we continue to grow,” Laraki said. And Taneja’s “extensive experience in investments across healthcare and diagnostics as well as enterprise technology mirrors Color’s foundation of intersecting medical information with computer science and machine learning,” he added.
The latest investment and board additions mark another milestone for Color Genomics, which has been growing at a steady clip since launching with a $15 million round last April.
The company at the time rolled out its $249 Color test for ovarian and breast cancer. It has since expanded its portfolio to include tests for 8 of the most common hereditary cancers.
Color Genomics’ work hasn’t gone unnoticed. Last year, the University of California healthcare system partnered with the company for its WISDOM breast cancer screening study.
The White House also selected Color Genomics to participate in its Precision Medicine Initiative, which aims to make genetic information more accessible for patients, doctors and researchers.