Delfi Diagnostics Amasses $225 Million for Early Cancer Screening

Baltimore, Maryland-based Delfi Diagnostics has raised $225 million in a Series B funding round, the proceeds of which will go into the development of liquid biopsy tests for early cancer detection and monitoring. 

The Series B was led by DFJ Growth with participation from Eli Lilly, Point72, Brown Advisory, Point Field Partners, Initiate Ventures, Open Field Capital, PTX Capital and all existing investors including Cowen Healthcare Investments, Foresite Capital, Menlo Ventures, OrbiMed, funds and accounts advised by T. Rowe Price Associates, Inc., Northpond Ventures, Samsara BioCapital, Rock Springs Capital, AV8 Ventures, Illumina Ventures, Osage University Partners, and Windham Venture Partners.

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Analyzing the Fragmentome

Delfi is developing a platform designed to offer high-quality liquid biopsy tests based on a whole genome fragmentation, or “fragmentome” approach. Instead of looking for relatively scarce signs of cancer found in DNA mutations or methylation changes within narrow regions of the genome, Delfi analyzes cell-free DNA fragments across the whole genome. 

According to the company, this approach is low-cost and scalable. Tests can be done in a single lab process, and the platform also integrates machine learning, allowing it to deliver high-performing results for multiple applications. 

Delfi is currently validating the technology for early detection of lung and other cancers in CASCADE-LUNG, a 15,000-person prospective trial. 

“Incredible” Progress in a Short Amount of Time

Delfi is a young startup, established just three years ago in 2019. However, it has already raised $330.5 million in a mere three rounds, indicating high investor interest in its approach. The $225 million raised this round far outstripped the $100 million Delfi reached in its Series A funding last January. 

“We believe that Delfi’s low cost approach is critical to bringing early cancer detection to millions of patients globally,” said DFJ Growth Partner Justin Kao, who will join Delfi’s board of directors.

The most exciting thing about Delfi, Kao added, is its potential to create a next-generation diagnostics company that relies on data and analytics rather than focusing on wet lab techniques. The company’s machine learning will enable new products on the same flexible assay, and potentially change the way cancer is detected and managed, he said. 

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Joy Lin

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