BillionToOne, a molecular diagnostics company, has secured $130m in an oversubscribed, upsized Series D funding round to expand and scale its prenatal screening and oncology diagnostics businesses.

The round was led by Premji Invest and saw substantial contributions from Neuberger Berman and existing investors including Baillie Gifford, Adam Street Partners, Hummingbird Ventures, Libertus Capital, Civilization Ventures and Fifty Years.

BillionToOne’s QCTs technology has been pivotal in developing its diagnostic tests.

To date, more than 500,000 patients have benefitted from BillionToOne’s offerings, which have propelled the company to $125m in annual recurring revenue in approximately four years.

BillionToOne’s UNITY Fetal Risk Screen is said to be the first prenatal test of its kind, capable of assessing fetal risk for certain genetic conditions without partner samples.

The company’s oncology liquid biopsy products, Northstar Select and Northstar Response, offer enhanced detection and monitoring capabilities for late-stage cancer patients.

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Northstar Select has a detection limit up to five-times lower than competing assays, while Northstar Response offers ten times the precision of single nucleotide variant-based assays.

These products have been validated across various cancer types to accurately assess treatment responses.

With this latest funding round, total capital raised by BillionToOne to date nears $400m.

Akshay Rai, who led the Series D round, will join BillionToOne’s board of directors.

Rai said: “At Premji Invest, we aim to partner with exceptional teams, solving difficult problems while building enduring businesses.

“BillionToOne has made great progress in transforming the prenatal segment over the last few years, and after seeing the initial growth and potential of their liquid biopsy products, we are excited by the platform’s potential in expanding the diagnostics options available to clinicians in other specialties.”

In 2022, BillionToOne raised $125m through a Series C funding round to expand its commercial and clinical teams and boost laboratory capacity.