Counsyl gets funding for new genetic tests
Pilot Growth Equity along with Goldman Sachs, Founders Fund, Google Executive David Drummond & Felicis Ventures back Counsyl’s new mission.
Armed with $28 million in new venture capital, the South San Francisco startup on Thursday will release a test that screens men and women for their inherited risks of breast, ovarian, prostate and pancreatic cancers.
For the last five years, Counsyl has quietly been screening a quarter-million people for more than 100 rare genetic conditions. Using robots and sophisticated software, Counsyl has developed tests for couples who want to know if they might pass down serious disorders to their children.
Counsyl’s tests, which require simple blood or saliva samples, cost $150 to $300 with insurance and $999 without, significantly less than leading competitors. The technology, combined with the $93 million, Counsyl has raised in total, could widen the company’s share of a lucrative industry.
“There’s a market at stake that’s worth several hundred million dollars a year, and so different companies want a piece of that,” said Hank Greely, director of Stanford Law School’s Center for Law and the Biosciences.
The global market for DNA sequencing products and services will hit $11.7 billion in 2018, up from $4.5 billion last year, according to BCC Research.
“We think it’s extremely important for people to know this vital information, and have the right context that suits them depending on their stage in life,” said Ramji Srinivasan, co-founder and CEO of Counsyl.