Biofidelity, a Cambridge-based genomic technology company at the commercial stage, has announced a significant funding boost of $24M (approximately €22M), bringing its total funding to $60M (approximately €55.3M). This round of financing was supported by current investors, including Agilent Technologies, Octopus Ventures, BlueYard Capital, and Longwall Ventures.
The newly acquired funds will be instrumental in Biofidelity’s growth strategy, particularly in expanding its commercial and clinical presence in the United States. The focus will be on accelerating the adoption of ASPYRE-Lung, a groundbreaking test that streamlines the detection of biomarkers for non-small cell lung cancer (NSCLC). This innovative test enables clinicians to quickly determine the most effective treatment for patients, significantly reducing the time and cost associated with current sequencing tests.
Additionally, the investment will support the establishment of a dedicated manufacturing facility in the UK and expedite the expansion of Biofidelity’s technology platforms across various applications.
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Biofidelity’s Mission and Impact
Founded in 2019 by Dr. Barnaby Balmforth, Biofidelity aims to democratize access to precision medicine for patients worldwide. The company’s flagship technology, ASPYRE, simplifies genomic analysis, making it faster, more efficient, and accessible. This technology is particularly beneficial for accurate targeting and monitoring of cancer treatment, addressing key barriers in biomarker testing.
ASPYRE’s high sensitivity and compatibility with existing PCR instruments enable comprehensive genomic biomarker analysis without the need for complex bioinformatics, allowing laboratories to maintain control over valuable samples.
Partnership and Growth Trajectory
Biofidelity’s partnership with Agilent Technologies has been pivotal in addressing critical gaps in genomic testing and research. Tad Weems, managing director of the Early Stage Partnership program at Agilent Technologies, expressed excitement about continuing their collaboration as Biofidelity embarks on its next phase of growth and commercial expansion.
Since its Series A+ investment in early 2022, Biofidelity has achieved significant milestones, including launching two commercial products and gaining scientific recognition through the publication of white papers and clinical data sets. The company has also initiated pilot and commercial programs at leading cancer centers and pharmaceutical companies in the US, further accelerating the commercial adoption of ASPYRE-Lung.
With this latest funding round, the startup is poised to make significant advancements in cancer detection and treatment, reinforcing its commitment to bringing the benefits of precision medicine to patients globally.
