Biofidelity Raises $23M in Series A+ Financing led by Octopus Ventures to Launch ASPYRE Technology

Funding will enable expansion of US presence and acceleration of the commercialization of ASPYRE

Cambridge, UK, February 1, 2022 Biofidelity, a pioneer in precision cancer diagnostics, has successfully completed a heavily oversubscribed $23 million Series A+ investment round, led by Octopus Ventures and backed by SBI Investment Co. Ltd. and existing investors. The investment will fund the upcoming launch of ASPYRE-Lung, the company’s first commercial diagnostic assay based on its breakthrough molecular technology.

ASPYRE is a completely new category of molecular diagnostic technology that simplifies and accelerates the detection of genomic biomarkers. The technology has been developed to run on existing PCR machines, the same instrumentation used for COVID-19 testing, making comprehensive genomic biomarker analysis accessible to far more patients around the world. The information generated will help physicians to identify patients who may benefit from targeted precision cancer therapies which offer better outcomes for patients, including improved survival and fewer side effects.

While the company’s initial focus is on non-small cell lung cancer (NSCLC), it intends to expand this to broad application across the $15 billion cancer testing market.

“Our mission is to ensure that all patients diagnosed with cancer have access to the genomic information they need to receive the best possible treatment,” says Biofidelity CEO Dr. Barnaby Balmforth. “This financing is an important step towards making this vision a reality, enabling us to launch our revolutionary technology and to make comprehensive biomarker testing faster, more affordable and more accessible than ever before.”

“We’re delighted to have the backing of Octopus Ventures and SBI Investment, as well as strong support from our existing investors, as we embark on this next phase of our journey,” Balmforth adds.

The new financing round follows the successful completion of a $12 million Series A financing in May 2020, which was supported by BlueYard Capital, Longwall Ventures, and Agilent Technologies, and brings the total raised by the company to $36 million.

“It’s hard to overemphasize both the uniqueness and transformational impact of Biofidelity’s technology,” says Luke Hakes, PhD, Partner at Octopus Ventures. “We’re proud to partner with this world-class team on its mission to increase the accessibility and affordability of biomarker testing, to democratize cancer diagnostics and unlock the full potential of precision medicine for all patients.”

About Biofidelity

Biofidelity is a pioneer in molecular diagnostics whose mission is to unlock the benefits of precision medicine for all patients by increasing access to early detection, precision diagnosis and routine monitoring with its revolutionary technologies.

Founded in 2019 in Cambridge, UK, Biofidelity is a rapidly growing private company that recently expanded to include both a U.S. headquarters and state-of-the-art clinical cancer diagnostic laboratory located in Research Triangle Park, North Carolina. For more information, visit biofidelity.com or connect on LinkedIn.

About Octopus Ventures

Octopus Ventures, part of the Octopus Group, is one of Europe’s largest and most active venture capital investors, with offices in London and New York and a network that spans from San Francisco to China. It has over $2.3bn assets under management, and since 2008 has backed over 140 teams at stages from Seed to IPO, some of whom have gone on to join forces with the world’s largest businesses, including Google, Amazon, Microsoft, and Twitter.

About SBI Investment

SBI Investment is one of Japan's leading venture capital firms, focusing on the creation and cultivation of key industries for the 21st century. SBI’s investment portfolio has expanded to include core technologies such as 5G, IoT, big data, biotechnology, healthcare and medical information.