Genetics Startup Counsyl Raises $28M from Goldman Sachs and Pilot Growth Equity
Brings Total Financing for the Bay Area Startup, Counsyl, to $93 Million
Counsyl, a Silicon Valley startup that screens parents-to-be for rare genetic diseases, has raised $28 million from Goldman Sachs and Pilot Growth Equity.
That brings total financing for the Bay area startup to $93 million. Chief Executive Ramji Srinivasan said he will use the new money to develop products, and market tests for consumers and physicians across the United States.
Counsyl, which claims it can detect more than 100 rare inherited diseases such as cystic fibrosis and spinal muscular atrophy, said 250,000 people have opted for its genetic screening test in the past five years.
Prospective parents who discover they are at risk of passing on a disease to their children can choose to take preventative measures, such as in-vitro fertilization with genetic testing of the embryos.
Srinivasan said the company initially focused on a diagnostic test for more complex genetic diseases such as Alzheimer’s but “couldn’t find enough signal.”
Counsyl shifted to testing prospective parents for a range of inherited diseases, once it realized that few of them had a clear idea of their family history.
“We’ve been surprised to learn that one in two people is a carrier for something,” said Eric Evans, Counsyl’s chief science officer.