Veracyte, Inc., a South San Francisco, CA-based biotechnology company committed to developing and commercializing molecular cytology solutions to improve the early and accurate diagnosis of cancer, completed its $28m Series B financing round.
The investment was led by Domain Associates, with “significant” participation from founding investors Kleiner Perkins Caufield & Byers (KPCB), TPG Biotech (TPG), and Versant Ventures.
As stated by Veracyte’s CEO, Bonnie Anderson, the investment will be used to bring the company’s first product, an advanced testing service in thyroid cancer, to market by the end of this year.
The thyroid product is designed to classify indeterminate thyroid nodules accurately as benign or suspicious for malignancy, thereby significantly reducing the number of benign surgeries. The test is currently being validated at more than thirty community sites and a dozen academic medical centers across the United States.
Veracyte’s product pipeline includes advanced molecular testing for thyroid and lung cancer. The lung program is in early stage biomarker discovery.