Delfi Diagnostics Valuation, Funding & Investors

Delfi Diagnostics is valued at $685M as of July 2022.

Last Delfi Diagnostics valuation

$685M

Series B · Jul 2022

Last Delfi Diagnostics funding round

$225M

Series B · Jul 2022

Cumulative funding Delfi Diagnostics raised

$331M

across 3 funding rounds

Key investors in Delfi Diagnostics

  • Menlo Ventures
  • Samsara BioCapital
  • Illumina Ventures
  • AV8 Ventures
  • Windham Venture Partners
  • OrbiMed

Delfi Diagnostics Overview

About Delfi Diagnostics

Delfi Diagnostics is a Baltimore-headquartered developer of blood-based cancer screening tests using AI and genome sequencing. Its Delfi test analyzes DNA fragmentation patterns to detect lung cancer at 89 percent sensitivity in stage I cases. Clinical trials with Johns Hopkins involve over 1,000 patients, targeting multi-cancer early detection. Founded in 2019 by genome experts, the company secured FDA breakthrough designation in 2023.


Founded

2019

HQ

United StatesBaltimore, MD

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$685M (Jul 2022)

Delfi Diagnostics Valuation

Delfi Diagnostics is currently valued at $685M, based on its Series B in July 2022.

The $225M round was led by DFJ Growth.

Delfi Diagnostics valuation by funding round

Delfi Diagnostics valuation by funding round
DateStageValuation
Jul 2022Series B$685M

Delfi Diagnostics Funding History

Delfi Diagnostics has raised a total of $331M across 3 funding rounds.

Delfi Diagnostics' first fundraising round was a $6M seed round in August 2019. The most recent completed round was a $225M Series B in July 2022.

Delfi Diagnostics funding rounds

Delfi Diagnostics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2022Series BDFJ Growth (lead)$225M$685MDelfi Diagnostics is a Baltimore and Palo Alto-based biotechnology company founded in 2019 that develops next-generation liquid biopsy tests for early cancer detection and monitoring. The company's proprietary platform analyzes cell-free DNA fragments across the entire genome using a whole genome fragmentation approach combined with machine learning algorithms to detect cancer biomarkers at low sequencing cost, rather than relying on scarce DNA mutations or methylation changes in narrow genomic regions. On July 18, 2022, Delfi announced a Series B funding round of $225 million at a post-money valuation of $685.11 million, led by DFJ Growth with participation from major investors including Eli Lilly and Company, Point72, Brown Advisory, Point Field Partners, Initiate Ventures, Open Field Capital, PTX Capital, and existing investors such as Cowen Healthcare Investments, Foresite Capital, Menlo Ventures, OrbiMed, T. Rowe Price Associates, Northpond Ventures, Samsara BioCapital, Rock Springs Capital, AV8 Ventures, Illumina Ventures, Osage University Partners, and Windham Venture Partners. The funding was designated to support continued development and commercialization of high-quality and accessible blood tests for single cancer early detection, multi-cancer early detection, and treatment monitoring. The company's platform is designed to deliver high-performing results across multiple applications through a single, low-cost, straightforward lab process, positioning Delfi to create a next-generation diagnostics company that innovates on data and analytics.
Jan 2021Series AOrbiMed (lead); Illumina Ventures; Northpond Ventures; Menlo Ventures; Cowen Healthcare Investments; AV8 Ventures; Foresite Capital; T. Rowe Price; Rock Springs Capital; Windham Venture Partners; Samsara BioCapital; OUP (Osage University Partners)$100M-Delfi Diagnostics, founded in 2019 in Baltimore, develops high-performance, affordable liquid biopsy tests for early cancer detection across multiple tumor types using machine learning on genome-wide DNA fragmentation patterns from blood samples. The company leverages advances in cancer biology and low-cost sequencing to create accessible tests for single-cancer and multi-cancer detection, distinguishing tumor-derived DNA from healthy cell DNA. Its approach aims for broad adoption due to simplicity, performance, and cost-effectiveness, positioning it against more expensive liquid biopsy technologies. On January 12, 2021, Delfi announced a $100 million Series A funding round (listed as $95.97MM in some sources), led by OrbiMed with participation from existing investors Menlo Ventures, Samsara BioCapital, Illumina Ventures, AV8 Ventures, Windham Venture Partners, and new investors Foresite Capital, Northpond Ventures, Cowen Healthcare Investments, Rock Springs Capital, and T. Rowe Price funds. This followed a $5.5 million seed round in 2019 led by Menlo Ventures. The post-money valuation for this Series A was $170.56 million, with a price per share of $2.07. Funds were allocated to expand cancer research and machine learning teams, advance technology to clinical studies, and build clinical evidence for adoption. The company progressed to a $225 million Series B in July 2022 led by DFJ Growth, reaching a post-money valuation of $685.11 million, with additional investors including Eli Lilly and Point72, to support commercialization of blood tests for early detection and monitoring.
Aug 2019SeedMenlo Ventures (lead); Illumina Ventures; AV8 Ventures; Windham Venture Partners; Samsara BioCapital$6M-Delfi Diagnostics is a liquid biopsy company founded in 2019 by Dr. Victor Velculescu, a professor at Johns Hopkins University School of Medicine, to develop high-performance, affordable blood tests for early detection of cancer. The company licensed its cell-free DNA fragmentation test technology from Johns Hopkins University and was incubated at the university's FastForward space in Baltimore. Delfi's approach uses machine learning and genome sequencing to detect unique patterns of DNA fragmentation in blood samples, differentiating it from competitors that focus on methylation or gene mutations. In August 2019, Delfi raised $5.5 million in seed funding led by Menlo Ventures, with participation from Samsara BioCapital, Illumina Ventures, Windham Venture Partners, and AV8 Ventures. The funds supported the company's initial research and team building as it developed its liquid biopsy platform targeting early detection of multiple cancers including lung cancer.

Who has invested in Delfi Diagnostics?

13 investors have backed Delfi Diagnostics across its funding rounds, including Menlo Ventures, Samsara BioCapital, Illumina Ventures, AV8 Ventures, Windham Venture Partners and OrbiMed.

Lead investors include DFJ Growth, OrbiMed and Menlo Ventures.


Delfi Diagnostics Investors

Investors in Delfi Diagnostics by funding rounds participated
InvestorHQRoundsRoleFirst check
Illumina VenturesUnited StatesSan Francisco, CA2ParticipantAug 2019
Menlo VenturesUnited StatesSan Francisco, CA2LeadAug 2019
AV8 VenturesUnited StatesSan Francisco, CA2ParticipantAug 2019
Windham Venture PartnersUnited StatesUnited States2ParticipantAug 2019
Samsara BioCapitalUnited StatesSan Francisco, CA2ParticipantAug 2019
Northpond VenturesUnited StatesWashington, DC1ParticipantJan 2021
Cowen Healthcare InvestmentsUnited StatesNew York City, NY1ParticipantJan 2021
Foresite CapitalUnited StatesSan Francisco, CA1ParticipantJan 2021
T. Rowe PriceUnited StatesBaltimore, MD1ParticipantJan 2021
DFJ GrowthUnited StatesSan Francisco, CA1LeadJul 2022
Rock Springs CapitalUnited StatesBaltimore, MD1ParticipantJan 2021

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Delfi Diagnostics Competitors

Delfi Diagnostics competitors include listed companies like Myriad Genetics and MiMedx Group, and private ones like Embark, Ankon Medical Technologies, Tasso and EverlyWell.

Public and private companies comparable to Delfi Diagnostics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EmbarkUnited StatesBoston, MAPrivate--$700M-
Ankon Medical TechnologiesChinaWuhanPrivate--$870M-
TassoUnited StatesSeattle, WAPrivate--$425M-
Myriad GeneticsUnited StatesUnited StatesPublicly listed$825M($332M)$396M0.6x
EverlyWellUnited StatesAustin, TXPrivate$100M-$1.3B13.0x
MiMedx GroupUnited StatesUnited StatesPublicly listed$419M$78M$684M1.8x

Delfi Diagnostics Public Comps

Delfi Diagnostics is still privately-owned, but its public comps include MiMedx Group, Barco, Genfit, Cytek Biosciences, UltraGreen.ai, Star Sports Medicine, Sunmax Biotechnology, Japan Lifeline, Mesa Laboratories and SS Innovations.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
MiMedx Group$419M$78M1.4x1.8x7.2x21.0x
Barco$1.1B$141M0.7x0.6x5.2x5.3x
Genfit$75M($98M)9.9x7.9x(7.7x)52.1x
Cytek Biosciences$201M($24M)2.2x2.1x(18.4x)(78.1x)
UltraGreen.ai$138M$78M3.4x2.9x6.1x4.7x
Star Sports Medicine$60M$24M9.0x-22.0x-
Sunmax Biotechnology$64M$35M10.2x-18.6x-
Japan Lifeline$381M$89M1.8x1.7x7.5x7.7x

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Common questions about Delfi Diagnostics

When was Delfi Diagnostics founded?Delfi Diagnostics was founded in 2019.
Where is Delfi Diagnostics headquartered?Delfi Diagnostics is headquartered in Baltimore, MD, United States.
Is Delfi Diagnostics publicly listed?No, Delfi Diagnostics is a private, VC-backed company.
What is Delfi Diagnostics' valuation?Delfi Diagnostics was last valued at $685M in its Series B in July 2022.
How much funding has Delfi Diagnostics raised?Delfi Diagnostics has raised $331M across 3 funding rounds.
What was Delfi Diagnostics' last funding round?Delfi Diagnostics' last funding round was a $225M Series B in July 2022, led by DFJ Growth.
Who are Delfi Diagnostics' investors?Delfi Diagnostics' investors include Illumina Ventures, Menlo Ventures, AV8 Ventures, Windham Venture Partners, Samsara BioCapital, Northpond Ventures, Cowen Healthcare Investments, Foresite Capital, T. Rowe Price, DFJ Growth and 3 others.
Which companies are comparable to Delfi Diagnostics?Companies comparable to Delfi Diagnostics include Embark, Ankon Medical Technologies, Tasso, Myriad Genetics, EverlyWell and MiMedx Group.

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