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PetDx Raises $62M in Series B Round

NEW YORK — Veterinary diagnostics firm PetDx on Thursday said that it has raised $62 million in Series B funding.

The financing round was led by Longview Asset Management and included Declaration Partners, Torch Capital, Aperture Venture Partners, Valor Equity Partners, Friedman Bioventure, K4 Family Investments, and Labcorp. PetDx said it has raised $72 million to date, following a $10 million Series A round in 2020 that was led by Friedman Bioventure and included Petco and an undisclosed pet healthcare company as investors.

The firm plans to use the new funding to expand adoption of its flagship OncoK9 liquid biopsy assay, directly and through strategic distribution partnerships. The assay uses next-generation sequencing to screen for multiple early-stage cancers in a dog's blood sample. San Diego-based PetDx said it will also use the money to expand testing at its central laboratory and accelerate its R&D efforts.

"Over the past two years, PetDx has made efforts unprecedented in veterinary cancer diagnostics to develop and validate the world's first cell-free DNA-based noninvasive test for canine cancer detection, in order to address a massive unmet need in the veterinary space," PetDx founder and CEO Daniel Grosu said in a statement.

PetDx launched OncoK9 earlier this year through an alliance with Petco. The firm is developing commercial relationships with clinics and distributors, as well as R&D partnerships with veterinary and human pharmaceutical companies.