Freenome Raises $254 Million Down Round

Freenome, a Prime Unicorn Index component once valued at $2.6 billion, recently raised a $254 million Series F down round. Freenome is a biotechnology company specializing in developing blood tests for early cancer detection. Using artificial intelligence and advanced genomics, Freenome aims to identify cancerous cells in the bloodstream early, potentially improving treatment outcomes and saving lives.

The recent round, disclosed on January 26, 2024, was priced at $7.40 per preferred share, down from its Series E price of $11.67. This represents a 36.6% markdown and brings the company’s post-money valuation to just under $2 billion. Investors in the round include Roche, a16z Life Sciences Growth Fund, BrightEdge Ventures, ARK Investments, ArrowMark Partners, Artis Ventures, Bain Capital Life Sciences, Cormorant Capital, DCVC, Eventide Asset Management LLC, Intermountain Ventures, Perceptive Advisors, Polaris Partners, Pura Vida Investments, Quest Diagnostics, RA Capital Management, Sands Capital, Section 32, and Squarepoint Capital.