Invitae Corporation, a San Francisco, CA-based genetic diagnostics company, completed a $40m Series E financing.
Backers included Genomic Health, Inc. (NASDAQ: GHDX), Randy Scott, Thomas McNerney & Partners, Redmile Group, Genesys Capital, Casdin Capital, among others.
The company intends to use the funds to accelerate the ongoing development of its clinical genetic tests for hereditary disorders, including oncology, cardiology, neurology and pediatric medicine as well as to expand to international markets.
Led by Randy Scott, PhD, founder and chief executive officer, Invitae specializes in genetic diagnostics for hereditary disorders. The company is pursuing a strategy over the next years to aggregate all the world’s medical genetic tests (>3,000 known Mendelian inherited conditions) into a single assay at a lower cost than most single gene tests today.