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Color Raises $167M in Series D Financing Round

NEW YORK — Color said on Monday that it has closed a $167 million Series D round of financing.

The round was led by General Catalyst and funds and accounts advised by T Rowe Price Associates, with participation from Viking Global Investors. Color said that it has raised $278 million to date, giving it a $1.5 billion valuation.

A year ago, the company said it raised $75 million in a financing round to scale its infrastructure.

Color said that it will use the new funding to continue building its technology-based public health infrastructure for governments, employers, and other institutions serving large populations.

"Color is building the technology framework that enables millions of people to access … essential [healthcare] services outside of the traditional health systems," Color Chief Commercial Officer Caroline Savello said in a statement.

While Color is known for providing hereditary risk testing for cancer and cardiovascular conditions, the San Francisco-based company has expanded into SARS-CoV-2 testing and recently opened a lab dedicated to testing for the virus. In May, Color received Emergency Use Authorization from the US Food and Drug Administration for a loop-mediated isothermal amplification-based SARS-CoV-2 test.

Color said that it is also rolling out vaccine delivery systems to state and local governments, employers, and higher education institutes.