Biofidelity has raised $23m in a heavily oversubscribed Series A+ funding round for the upcoming launch of its first commercial diagnostic assay, ASPYRE-Lung.

Octopus Ventures led the round, which was backed by SBI Investment along with existing investors.

Developed based on the company’s molecular technology, the assay enables the detection of key genetic mutations from tissue or liquid biopsies.

This simplifies and accelerates the detection of genomic biomarkers.

Biofidelity developed the new technology to run on existing PCR machines, the instruments that are used for Covid-19 tests.

This makes the comprehensive analysis of genomic biomarkers accessible for patients worldwide.

The analysis provided by the assay will help physicians identify patients who may benefit from cancer therapies.

This will lead to better outcomes for patients, reduced side effects and improved survival rates.

Biofidelity CEO Dr Barnaby Balmforth said: “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.

“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.”

The company stated that while its initial focus is on non-small cell lung cancer (NSCLC), it also aims to expand the new technology to broad application across the cancer testing market.

In May 2020, Biofidelity raised $12m in a Series A financing round that was supported by Agilent Technologies, BlueYard Capital and Longwall Ventures.

The latest round brings Biofidelity’s total funding raised to $36m.