23andMe nabs $115M in new financing and a $1.1B valuation
- With $115 million in new financing in a Fidelity-led deal, 23andMe now has a valuation of $1.1 billion.
- 23andMe is best known for $99 consumer DNA "spit tests." In 2013, its efforts to leverage its genetic database to venture into health susceptibility analysis was shut down by the FDA on the grounds that regulatory approval was needed.
- In addition to Fidelity, other round E investors included Google Ventures, New Enterprise Associates, Casdin Capital, and WuXi Healthcare Ventures.
It's been a long road for 23andme, ever since its efforts to move into health susceptibility analysis was shut down by the FDA. However, it's been a series of victories since then, including the FDA's approval of a test for Bloom syndrome in February.
Now, with fresh cash, additional momentum, and a great deal of support, 23andMe is focusing on developing its drug discovery arm by leveraging its database of more than 900,000 genetic samples, which also come with consumer questionnaire-based information—a rich data source for sure.
In addition, 23andMe is planning to introduce a revamped health analysis product by the end of the year.