Delfi Diagnostics Raises $100M in Series A Financing

Delfi Diagnostics, Inc., a Baltimore-based developer of a new class of high performance, affordable liquid biopsy tests for early cancer detection, raised $100m in Series A funding.

The round was led by OrbiMed, with participation from existing investors including Menlo Ventures, Samsara Biocapital, Illumina Ventures, AV8 Ventures, and Windham Venture Partners, and new investors including Foresite Capital, Northpond Ventures, Cowen Healthcare Investments, Rock Springs Capital, and funds and accounts advised by T. Rowe Price Associates, Inc.

The company plans to use the funds to expand its team of cancer researchers and machine learning experts and to validate its novel next-generation liquid biopsy technology through multiple prospective clinical studies.

Led by Founder and Chief Executive Officer Victor Velculescu, Delfi has developed technology that leverages advances in machine learning and recent discoveries in the genome-wide fragmentation profiles of cell free DNA to create a novel approach to detecting evidence of a tumor from a blood sample, while also pinpointing the tumor’s location in the body. Delfi is applying this platform technology to develop a range of products designed to detect specific cancers, such as lung cancer, in at-risk individuals and to identify any of multiple cancers in any individual.