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Saturday, May 18, 2024

Research Triangle-based Biofidelity raises $24 million

Biofidelity, a genomic technology company with headquarters in the Research Triangle Park, has raised $24 million from investors in a new round of funding.

A pioneer in precision cancer diagnostics, Biofidelity plans to use the funding to expand the use of ASPYRE-Lung, a novel category of biomarker testing that will help increase the speed of cancer detection.

Compared to current sequencing tests, ASPYRE-Lung will streamline and expedite the detection of biomarkers for non-small cell lung cancer at a fraction of the time and cost.

The latest round of investing comes from current investors, including Agilent Technologies, BlueYard Capital, Longwall Ventures, and Octopus Ventures.

The new funding exceeds previous investing rounds, with $23 million raised in 2022 and $12 million raised in 2020, bringing total funding to $60 million.

Biofidelity was founded in 2019 and is based in the U.S. and England. It plans to use the investment to establish a manufacturing facility in the UK and support expansion efforts across its technology platforms.

The company is presenting its latest ASPYRE-Lung data and abstract at the American Association for Cancer Research Conference in San Diego from April 5 to April 10.

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