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Color Genomics Raises $45M in Series B Financing; Offers Patient Families Discounted Testing

NEW YORK (GenomeWeb) – Color Genomics has raised $45 million in a Series B financing round, bringing its total funding to date to $60 million, the company said today.

Separately, Color Genomics announced the Color Family Testing Program to offer genetic testing to parents, siblings, and adult children of patients with hereditary cancer mutations for $50 instead of $249. The program is supported by donations from the BRCA Foundation and private donors.

The financing round was led by General Catalyst, with participation from the singer Bono and from existing investors, including Susan L. Wagner, 8VC, Khosla Ventures, and Emerson Collective.

In connection with the investment, Susan Wagner, co-founder and COO of BlackRock, and Hemant Taneja, managing director at General Catalyst, have joined Color's board of directors.

Color Genomics, which is based in Burlingame, California, plans to use the proceeds to further expand its services. "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 co-founder and CEO Elad Gil said in a statement.

Launched in 2015, Color Genomics offers genetic testing for hereditary cancer in more than 150 countries. Its $249 Color Test analyzes 30 genes associated with inherited breast, colorectal, melanoma, ovarian, pancreatic, prostate, stomach, and uterine cancer.

The test is being used as part of the Women Informed to Screen Depending on Measures of Risk (WISDOM) study, led by the University of California, San Francisco, which plans to enroll 100,000 women.