NEW YORK – Molecular diagnostics firm Variantyx said Friday that it has raised an additional $36 million from its investors, which include Peregrine Ventures, Pitango HealthTech, New Era Capital Partners, and Bosch Ventures.
In a statement, the firm said it will use the funds for additional technological and commercial expansion. The firm added that it has "seen a rapid increase in test volumes in the first quarter of 2024," though it did not provide specific figures.
The funding brings the total amount invested in Framingham, Massachusetts-based Variantyx to over $125 million. The firm offers whole-genome analysis for genetic disorders, reproductive health, and precision oncology testing. In 2022, Variantyx secured $20 million in debt financing to expand cancer testing in North America and Europe and $41.5 million in post-Series C financing.
"It's clear that the current shift away from panel and exome-based testing to whole-genome testing benefits patients, providers, and payors alike," Christine Stanley, Variantyx's chief director of clinical genomics, said in a statement. "As a pioneer in clinically accredited, genome-based testing with tens of thousands of genomes sequenced to date, Variantyx is well positioned to maintain its leadership in genomic diagnostics with ongoing innovation of new genome analysis technologies, providing real improvements in patient outcomes to an increasingly larger subset of the population."