In June of this year, prenatal genetic screening and molecular diagnostics company, BillionToOne, pocketed $130 million in an oversubscribed Series D funding round with a $1B+ valuation, cementing them in the “unicorn” category. While we have seen a handful of women’s health companies achieve this status (Maven, for example, which you can read more about here), many have been in the realm of digital health/benefits. BillionToOne is one of the first women’s health focused diagnostics companies to realize this coveted label.
This sizable deal was led by Premji Invest, with participation from notable investors like Hummingbird Ventures, Neuberger Berman, and Civilization Ventures, bringing BillionToOne’s total capital raised to nearly $400 million. This round adds to an impressive list of existing investors, including NeoTribe Ventures, Norwest Venture Partners, Four Rivers Group, and Y Combinator.
Their primary offering, the UNITY Fetal Risk™ Screen, provides direct insights into fetal risk for aneuploidies and recessively inherited conditions, without requiring a blood sample from the male partner or amniocentesis, which is required for standard PGT-A testing. The genetic testing of embryos and parents (trio testing) has become a common practice in IVF as aneuploidy or other mutations can lead to pregnancy loss, costing both patients and clinics time and money.
BillionToOne's technology enables counting DNA molecules with single base-pair precision, allowing for the development of truly differentiated tests that redefine the possibilities of molecular diagnostics. Today, more than 500K patients have benefited from BillionToOne tests, and the company has grown to $125M ARR.
BillionToOne’s successful raise underscores the impressive growth potential of companies serving women’s health needs. The company acts as a pioneer for earlier stage companies also innovating in women's health genetic testing and diagnostics.
Some early-stage, VC-backed women’s health focused genetic testing or diagnostic companies include:
Juniper Genomics: Series A - whole genome sequencing for embryos as an alternative or addition to PG-TA testing
Level Zero Health: Seed - single strand DNA analysis to identify hormone levels in a continuous hormone monitor
BillionToOne’s landmark Series D raise not only highlights the continued attention and funding to women’s health companies but also signals a promising future for genetic testing and diagnostics. Amboy Street Ventures, among other emerging funds, is leading the charge in backing early-stage companies at the forefront of innovation in women’s health diagnostics including our portfolio company Testmate, a rapid, at-home diagnostic tool for STIs.
