- Companies
- Delfi Diagnostics
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Jul 2022 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2022 | Series B | DFJ Growth (lead) | $225M | $685M | Delfi 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 2021 | Series A | OrbiMed (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 2019 | Seed | Menlo 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Aug 2019 | ||
| 2 | Lead | Aug 2019 | ||
| 2 | Participant | Aug 2019 | ||
| 2 | Participant | Aug 2019 | ||
| 2 | Participant | Aug 2019 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Lead | Jul 2022 | ||
| 1 | Participant | Jan 2021 | ||
This data is available for Pro users. Sign up to see all 13 Delfi Diagnostics investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialDelfi 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $700M | - | ||
| Private | - | - | $870M | - | ||
| Private | - | - | $425M | - | ||
| Publicly listed | $825M | ($332M) | $396M | 0.6x | ||
| Private | $100M | - | $1.3B | 13.0x | ||
| Publicly listed | $419M | $78M | $684M | 1.8x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $419M | $78M | 1.4x | 1.8x | 7.2x | 21.0x | |||
| $1.1B | $141M | 0.7x | 0.6x | 5.2x | 5.3x | |||
| $75M | ($98M) | 9.9x | 7.9x | (7.7x) | 52.1x | |||
| $201M | ($24M) | 2.2x | 2.1x | (18.4x) | (78.1x) | |||
| $138M | $78M | 3.4x | 2.9x | 6.1x | 4.7x | |||
| $60M | $24M | 9.0x | - | 22.0x | - | |||
| $64M | $35M | 10.2x | - | 18.6x | - | |||
| $381M | $89M | 1.8x | 1.7x | 7.5x | 7.7x | |||
This data is available for Pro users. Sign up to see all Delfi Diagnostics competitors and their valuation data. Start Free Trial | ||||||||
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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