23andMe Raises $82.5 Million In Series F Funding

DNA testing and analytics technology company 23andMe raised $82.5 million in a new Series F funding round Investors including Sequoia Capital and NewView Capital.

The Series F round brings the total raised by 23andMe to date to over $850 million. The latest financing will be used for general corporate purposes.

The 23andMe’s business is based on its distribution of individual home genetic testing kits, which provide customers with insights about their potential health and their family tree based on their DNA.

In recent years, the company has begun moving beyond telling individual consumers about their DNA and begun work developing therapeutics based on research into genetic information its customers provide. For example, the company has used its data to find genetic differences that can affect a person’s susceptibility to Covid-19. The company’s work this year around COVID-19 has perhaps put the value of its platform in a new light in the face of this pandemic and the potential of future similar global health issues that may arise.

According to Bloomberg, the company cut 14% of its jobs earlier this year as sales of its services slowed.

Genomics data analytics companies raised over $1.2 billion in the past three years, according to Mercom funding data. DNAnexus, cloud-based genome informatics and data management software platform, closed a $100 million in Series G funding round co-led by Perceptive Advisors and Northpond Ventures. Deep Genomics, an AI-driven precision medicine company, raised $40 million in Series B funding.

Blackstone, a private equity firm, recently acquired a majority stake in Ancestry, a genetic analysis company that helps customers discover their family history and gain actionable insights about health and wellness for a total enterprise value of $4.7 billion.