|PICTURE BY: 23andMe.com
A genetics testing startup, 23andMe announced on Tuesday it got a $250 million funding round from Sequoia Capital to further develop drugs based on user DNA.
The company is most known for collecting the spit of customers in exchange for information about their genetic history, health, and physical traits based on their DNA. In addition to helping consumers learn more about themselves.
The team is currently running research programs dedicated to a range of areas, like oncology, skin, and cardiovascular disease. The new funds will be used to fuel its therapy development, as well as marketing and growing its user base, according to a source familiar with the matter.
Although $250 million is the company’s largest they have raised, there have been other “huge” financing rounds in the genetics space. For example, GRAIL raised more than $900 million in March and Guardant Health raised $360 million in May. Both are working on blood-based cancer detection.
So far, 23andMe has genotyped 2 million customers around the world. About 85% of its customers have consented to participate in its genetic research.