NEW YORK (GenomeWeb News) – Genetic diagnostics firm Invitae today announced it completed a Series E financing round that raised $40 million.
The funds will go toward further development of the San Francisco-based company's clinical genetic tests for hereditary disorders, including oncology, cardiology, neurology, and pediatric medicine, it said, adding that it plans to expand into international markets.
Genomic Health, Invitae Founder and CEO Randy Scott, Thomas McNerney & Partners, Redmile Group, Genesys Capital, Casdin Capital, and other unnamed investors participated in the round.
"With the support of our new and existing investors, this financing will allow us to expand our offering of genetic tests and build on our commercial capabilities," Scott said in a statement. "This financing will help us to accelerate our plans to reinvent genetic testing by making it more affordable and accessible than ever before, and, ultimately, it will help us achieve our goal of transforming multi-use genetic testing into routine medical practice."
Invitae was originally formed as a wholly owned subsidiary of Genomic Health in early 2012 and became an independent company later that year, combining with genetics firm Locus Development.