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Grail set out to raise funds so as to develop its cancer screening tests based on gene sequencing.
Grail, an American startup, has set out to raise funds coming up to a $1 billion so as to further develop its cancer screening tests and technology.
The company has set out to achieve the following goal. It means to create an early cancer tool. When detected early, the disease can be more efficiently treated and cured.
Grail is based in Menlo Park, California. It is backed by a scientific advisory board. The company’s CEO is Jeff Huber. He may perhaps be best known for his development role in various Google services.
The startup is not at its first funding round. In early 2016, the company finalized another such action. At the time, Grail raised some $100 million.
They were used so as to develop a potential early cancer screening test. As Series A ended, the company has not set its sight on Series B. The plan is to raise $1 billion. Still, the funding value could reportedly go as high as $1.8 billion.
Grail itself has spun out of a strong stock company. It was formerly part of Illumina Inc. This latter is an American company founded in 1998. It is considered quite a giant in the gene sequencing area.
Illumina is specialized in the analysis of biological functions and genetic variations. To this means, it is developing, marketing and manufacturing integrated systems. Its products can serve in the gene expression, genotyping, and sequencing markets.
Illumina also went to offer details about Grail’s funding round. According to the giant company, the startup will be working with Goldman Sachs. This latter will reportedly help them control Series B.
Grail’s current technology is based on Illumina developments. They spun from the latter’s gene sequencing tech.
Grail cancer screening tests are based on blood samples. The startup developed the initial technology and tried to increase its abilities. As such, they targeted to create an early detection tool.
Not only that but they are also trying to spot any type of cancer. They will try to do so before the symptoms can even appear. Such an early detection could potentially be invaluable in trying to treat and even cure the disease.
Gene sequencing is not necessarily a new technology. However, Grail is the first company to have used it as an early detection tool. As such, the startup will be needing this second funding so as to continue its development.
It will have to continue with its early cancer screening tests. The new funds could also advance another project. Grail has set out to create a Circulating Cell-free Genome Atlas.
This is a previously announced project. It will target and carry out various clinical trials. The large-scale trials will most likely involve United Kingdom-based people.
One future such project would set out to do the following. It will analyze some 7,000 cancer patients. About 3,000 healthy residents would also be involved. Testing results from the two group would then be compared.
Grail officials stated that the name of the investors will most likely not be revealed. It will only mention the fact that funding came from mostly undisclosed strategic and private investor.
Still, some previous investors are already known. They include big industry names. Amazon’s Jeff Bezos, Bill Gates, and Google Ventures are amongst such investors.
Jeff Huber, the aforementioned Grail CEO, also released a statement. He expressed the company’s honor of receiving support from such sources. Huber also outlined the startup’s wish to contribute and reduce global cancer mortality rates.
They plan to do so with help with early detection. As Grail thanked Illumina for its early contribution, it is also looking forward to the next phase of its development.
Image Source: Wikimedia
