Freenome Health joined the Unicorn Club on January 11, 2022, after securing a $290 million Series D funding round led by Roche. Headquartered in the United States, the company develops AI-driven multiomics blood tests to detect early-stage cancers. Its deep learning platform integrates genomic, epigenomic, and proteomic data to uncover molecular signatures of cancer. As of February 2024, Freenome has raised a total of $1.35 billion in funding, with backing from T. Rowe Price, Fidelity Investments, and other top institutional investors.
Keep reading to explore Freenome’s mission, funding history, and next steps in transforming cancer diagnostics.
What Is Freenome Health and What Does It Do?
Founded in 2014, Freenome Health is a biotechnology company focused on developing blood-based early cancer detection tests using a multiomics and machine learning approach. Its platform captures diverse biological signals, including cell-free DNA, immune cell fragments, and metabolic markers, from simple blood samples.
Using proprietary AI models, Freenome identifies subtle molecular changes associated with tumor development and progression. These insights enable non-invasive screening, helping physicians detect cancers such as colorectal, lung, prostate, and breast cancer at earlier and more treatable stages.
The company’s first commercial product, Freenome’s Early Cancer Detection Test, targets colorectal cancer (CRC) screening. In addition to its diagnostics work, Freenome collaborates with major healthcare systems and pharmaceutical companies to develop companion diagnostics and biomarker discovery pipelines.
With over 530 employees and active clinical trials across the U.S., Freenome is pioneering a future where AI and molecular biology converge to enable proactive, precision-based healthcare.
How Much Funding Has Freenome Health Raised?
- Series D
- Amount Raised: $290M
- Date: January 11, 2022
- Lead Investor: Roche
- Purpose: To expand clinical trials for early cancer detection and advance commercialization efforts for its CRC test.
- Series E
- Amount Raised: $254M
- Date: February 15, 2024
- Lead Investors: T. Rowe Price, Fidelity Investments
- Purpose: To enhance its AI-driven platform, support regulatory submissions, and broaden its test portfolio beyond colorectal cancer.
Total Funding Raised: $1.35B
Latest Funding Round: Series E, February 2024
Current Stage: Late Stage / Series E
Employee Count: 533 (as of December 2023)
Key Investors
- Roche
- A leading global biotechnology firm with extensive investment in diagnostics and precision medicine.
- Led Freenome’s Series D round to strengthen early detection solutions in its oncology portfolio.
- T. Rowe Price
- Major institutional investor supporting high-impact biotech ventures with proven scalability and market readiness.
- Fidelity Investments
- Long-term healthcare and AI innovation investor, backing Freenome for its potential to disrupt the early detection landscape.
These investors collectively provide Freenome with the capital and strategic partnerships required for clinical validation, regulatory approval, and market penetration.
Where Is Freenome Health’s Headquarters?
Freenome Health is headquartered in the United States, with its main operations based in the San Francisco Bay Area. The location provides access to top AI research institutions and a robust network of biotech and life sciences companies, enabling Freenome to attract elite talent and form collaborations with academic and pharmaceutical partners.
What’s Next for Freenome Health?
Freenome’s next phase involves scaling clinical trials, particularly its PREEMPT CRC study, and preparing for FDA submission and commercialization of its colorectal cancer screening test. The company is also expanding its platform to include early detection solutions for other cancers, with a focus on multi-cancer detection (MCED) technologies.
Future initiatives include advancing real-world data integration, improving algorithmic interpretability, and partnering with health insurers to make its tests accessible through preventive care programs. With $1.35 billion in total funding, Freenome is strategically positioned to redefine cancer screening and precision diagnostics globally.
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