Freenome Valuation, Funding & Investors
Freenome is valued at $1.2B as of February 2024.
Last Freenome valuation
$1.2B
Undisclosed stage · Feb 2024
Last Freenome funding round
$75M
Strategic investment · Nov 2025
Cumulative funding Freenome raised
$1.5B
across 11 funding rounds
Key investors in Freenome
Andreessen Horowitz
Founders Fund
DCVC
Polaris Partners
Roche
GV
About Freenome
Freenome is a South San Francisco-headquartered private biotechnology company specializing in early cancer detection via blood tests. It pioneers non-invasive screening using machine learning to analyze multiomics data for proactive management of cancers and other diseases. The approach aims to make advanced diagnostics accessible through innovative blood-based solutions.
Founded
2014
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.2B (Feb 2024)
Freenome Valuation
Freenome is currently valued at $1.2B, based on its undisclosed-stage round in February 2024.
The $254M round was led by Roche.
Freenome's valuation has grown 6.1x from $196M at its Series A in August 2017 to $1.2B in February 2024, across 5 priced rounds.
Freenome valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2024 | Undisclosed stage | $1.2B |
| Jan 2022 | Strategic investment | $1.1B |
| Aug 2020 | Series C | $927M |
| Jul 2019 | Series B | $464M |
| Aug 2017 | Series A | $196M |
Freenome Funding History
Freenome has raised a total of $1.5B across 11 funding rounds.
Freenome's first fundraising round was a $6M seed round in June 2016. The most recent completed round was a $75M strategic investment round in November 2025.
Freenome funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2025 | Strategic investment | Roche (lead) | $75M | - | Freenome, an early cancer detection company developing multiomic blood-based screening tests for cancers including colorectal and lung, announced an exclusive strategic collaboration with Roche on November 18, 2025, to commercialize its technology outside the U.S. The deal includes Roche making a $75 million equity investment, described as an equity instrument or new equity investment that increases Roche's ownership stake, alongside milestone payments and royalties potentially worth over $200 million total. This follows Roche leading Freenome's $254 million financing round in February 2024 and builds on ongoing R&D collaboration using Roche's Elecsys technology for protein analysis. Freenome will evaluate Roche's Sequencing by Expansion (SBX) technology for cfDNA enhancement and gain access to Roche's plasma sample cohorts to accelerate personalized screening development. The partnership focuses on 'kitted' tests combining software and assays for decentralized processing in ex-U.S. markets, leveraging Roche's global footprint and expertise in kit development. Freenome CEO Aaron Elliott highlighted the collaboration's role in enhancing the multiomic platform and expanding reach. Earlier in August 2025, Freenome signed a separate U.S. commercialization deal with Exact Sciences for its colorectal cancer blood test, worth $75 million upfront plus up to $700 million in milestones (total potential $885 million), with FDA approval decision expected in H2 2026. The test incorporates protein, cfDNA, and other data layers, positioning it as a potential alternative to stool-based tests like Exact Sciences' Cologuard or Guardant Health's Shield. Subsequently, on December 5, 2025, Freenome announced a business combination with Perceptive Capital Solutions Corp (PCSC), a SPAC, to go public on Nasdaq under ticker FRNM, with proceeds of $330 million including $240 million PIPE led by Perceptive Advisors and RA Capital, plus $90 million from the SPAC trust. The combined company targets a post-transaction equity value of $1.1 billion, funding 2026 launches of blood-based multi-cancer screening tests and business expansion. |
| Aug 2025 | Undisclosed stage | Exact Sciences (lead) | $50M | - | Freenome develops AI/ML-driven multiomics blood-based tests for early cancer detection, focusing on colorectal cancer (CRC) screening with its PREEMPT study showing 81% sensitivity for CRC and 14% for advanced precancerous lesions at 90% specificity, as published in JAMA. In August 2025, Exact Sciences secured exclusive U.S. commercialization rights to Freenome's CRC blood test via a licensing deal valued at over $845M, including $75M upfront cash by November 2025, up to $200M in FDA-related milestones, $500M tied to USPSTF guidelines, royalties ramping to 10%, $20M annual R&D funding for three years, and a $50M senior convertible note at 5% coupon due 2030. Freenome retains rights for CRC tests ordered with other cancer screenings like lung. The Exact Sciences partnership builds on Freenome's momentum, following a February 2024 $254M round led by Roche and an ex-U.S. deal with Roche announced later, worth $200M+ including $75M equity, milestones, royalties, and R&D collaboration using Roche's Elecsys technology. Freenome has raised over $1.3B total since 2014, with recent inflows from these partnerships. In December 2025, Freenome announced a SPAC merger with Perceptive Capital Solutions Corp., expecting $330M in proceeds ($240M PIPE at $10/share led by Perceptive Advisors and RA Capital, plus $90M SPAC trust), resulting in a $1.1B post-transaction equity value for the combined company (ticker FRNM), assuming no redemptions. Funds will support 2026 launches of CRC, lung, and multi-cancer tests, commercial infrastructure, and automated labs. |
| Aug 2025 | Strategic investment | Exact Sciences (lead) | $50M | - | Freenome is an AI/ML-driven liquid biopsy company focused on developing blood-based cancer detection tests. Founded in 2014, the company had raised over $1.3 billion through various funding rounds prior to its public listing, including a $254 million Series C led by Roche in February 2024. In August 2025, Freenome announced an exclusive licensing agreement with Exact Sciences regarding its colorectal cancer blood-based screening test in the United States. The deal was structured as a licensing partnership rather than a traditional equity investment: Exact Sciences paid $75 million upfront, with potential milestone payments of up to $200 million tied to FDA approval and USPSTF guidelines, up to $500 million for favorable guideline ratings, plus royalties on test sales and a $50 million equity investment. This agreement provided Freenome with significant non-dilutive capital to advance its commercialization efforts. Concurrently, Roche expanded its partnership with Freenome through an exclusive agreement for ex-U.S. rights to develop decentralized testing formats, potentially worth $200+ million including a $75 million equity instrument and milestone payments. In December 2025, Freenome announced plans to go public via a SPAC merger with Perceptive Capital Solutions Corp., raising approximately $330 million through a combination of the SPAC's trust account ($90 million) and a PIPE financing ($240 million) led by Perceptive Advisors and RA Capital at $10 per share. The transaction valued Freenome at approximately $1.1 billion post-transaction equity value. The company plans to use the capital to accelerate development and commercialization of its multiomics platform with the goal of launching multiple blood-based cancer detection tests in 2026, including colorectal and lung cancer screening tests. |
| Feb 2024 | Undisclosed stage | Roche (lead) | $254M | $1.2B | Freenome develops AI-driven multiomics blood tests for early cancer detection, focusing on multi-cancer and single-cancer screening such as colorectal and lung cancer, using genomic, epigenomic, and proteomic data. The company announced a $254 million funding round on February 15, 2024, led by Roche with participation from a16z Life Sciences, ARK Investments, Quest Diagnostics, Bain Capital Life Sciences, Cormorant Capital, and others including T. Rowe Price and Fidelity per some reports. This round, described variably as Series D or Series E across sources, reached a post-money valuation of $1.2 billion according to one report, building on prior fundraising that surpassed $1 billion total by early 2022 with Roche-led investments. The proceeds support advancement of clinical programs like the PREEMPT CRC study with over 40,000 participants, regulatory submissions, expansion of the test portfolio, and development of minimal residual disease detection. Freenome aims to make early cancer screening more accessible via blood-based liquid biopsies, competing in a space with players like Grail. Roche's ongoing involvement underscores strategic interest, including a subsequent exclusive ex-U.S. commercialization agreement potentially worth over $200 million with $75 million equity. Post-round developments include a SPAC merger announcement for going public with $330 million via Pershing Square Capital Management and others, alongside partnerships like Exact Sciences acquiring U.S. rights to its colorectal cancer test submitted for FDA approval. Total funding reached approximately $1.35 billion, positioning Freenome to deliver on its platform amid active private biotech financing in 2024. |
| Jan 2022 | Strategic investment | Roche (lead) | $290M | $1.1B | Freenome is a privately held biotech company founded in 2014, headquartered in South San Francisco, California, developing an AI-driven multiomics platform for early cancer detection via routine blood draws. The platform integrates molecular biology, computational biology, and machine learning to identify disease-associated patterns in circulating cell-free biomarkers, with a focus on colorectal cancer (CRC) screening through the PREEMPT CRC registrational trial involving approximately 25,000 patients. On January 11, 2022, Roche invested $290 million in Freenome, following a $300 million Series D round in December 2021, bringing total funding past $1.1 billion, with Roche contributing about $350 million overall. This Roche-led investment, separate from the prior Series D, valued Freenome at $1.1 billion and supported expansion of its multiomics technology to additional cancer types, including multi-cancer tests starting clinical studies in February 2022, and real-world data programs. Roche, through its Venture Fund, has participated in Freenome's last three VC rounds and serves as a board observer, providing oncology expertise from diagnostics to pharma. CEO Mike Nolan highlighted the partnership's role in advancing CRC early detection and commercialization, with Roche aiding regulatory and global market plans. The funding enables acceleration of product development, team expansion, and global scaling, positioning Freenome amid competition in liquid biopsy for non-invasive cancer screening. Subsequent developments include a $254 million round in February 2024 led by T. Rowe Price and an exclusive ex-U.S. commercialization agreement with Roche announced later, potentially worth over $200 million including a $75 million equity instrument. |
| Dec 2021 | Series D | Perceptive Advisors (lead); RA Capital Management (lead); HBM Healthcare Investments (lead) | $300M | - | Freenome is a biotechnology company developing a multiomics platform for early cancer detection using routine blood draws, combining molecular biology, computational biology, and machine learning to identify disease patterns in circulating cell-free biomarkers. The platform targets colorectal cancer (CRC) screening with its PREEMPT CRC registrational study nearing completion of enrollment in 2021, and is expanding to other cancers like pancreatic cancer, where promising data was presented. On December 7, 2021, Freenome announced a Series D funding round of $300 million led by Perceptive Advisors and RA Capital Management, bringing total financing since 2014 to over $800 million. Existing investors included a16z Life Sciences Growth Fund, Bain Capital Life Sciences, Catalio Capital Management, Cormorant Capital, DCVC, Farallon Capital Management, Fidelity, GV, Janus Henderson Investors, Kaiser Permanente, Novartis, Polaris Partners, Roche Venture Fund, and others; new investors included ArrowMark Partners, Byers Capital, Eventide Asset Management, HBM Healthcare Investments, Intermountain Ventures, Logos Capital, and Pura Vida Investments. The funding supports commercialization of the CRC blood test and platform expansion to additional cancers. Freenome's CEO Mike Nolan highlighted the investors' belief in the platform's potential to save lives through early detection. Quotes from lead investors emphasized the platform's science: Perceptive Advisors' Ellen Hukkelhoven noted its ability to detect CRC and other cancers, while RA Capital's Peter Kolchinsky praised its mission-critical early detection capabilities. The company is headquartered in South San Francisco and positions itself to compete in the blood-based cancer screening market alongside players like Guardant Health and Grail. Later developments include a 2025/2026 SPAC merger with Perceptive Capital Solutions Corp., providing $330 million (including $240M PIPE led by Perceptive and RA Capital) at a $1.1B post-money equity value for 2026 test launches, but this is unrelated to the 2021 round. |
| Aug 2020 | Series C | Bain Capital (lead); Perceptive Advisors (lead) | $270M | $927M | Freenome is a biotech company developing a novel multiomics blood testing platform for early cancer detection, focusing on liquid biopsy technology to identify cancer in a precancerous or early treatable state. The company closed a $270 million Series C financing round on August 26, 2020, led by Bain Capital Life Sciences and Perceptive Advisors, with participation from investors including Fidelity Management & Research Company, Janus Henderson Investors, Farallon Capital Management, Rock Springs Capital, Cormorant Asset Management, EcoR1 Capital, Catalio Capital Management, and the Colorectal Cancer Alliance. This round brought Freenome's total financing to over $500 million at the time, with funds aimed at advancing its platform for colorectal cancer screening and other cancers. The Series C round valued Freenome at a post-money valuation of $927.08 million, with a price per share of $6.61, according to secondary market data. CEO Gabriel Otte highlighted the investors' confidence in Freenome's mission to improve cancer screening accessibility and adherence. Bain Capital Life Sciences' Jeffrey Schwartz praised the platform's differentiated features in the liquid biopsy field for multi-cancer detection. Freenome continued raising capital post-Series C, including a $300 million Series D in December 2021 led by Perceptive Advisors and RA Capital Management, reaching a $1.43 billion post-money valuation, and a $254 million Series F in February 2024 at $2.17 billion valuation. In late 2025, Freenome announced a deSPAC merger with Perceptive Capital Solutions Corp, targeting a $1.1 billion equity value and $330 million in proceeds from trust and PIPE financing led by Perceptive Advisors and RA Capital, with Bain Capital Life Sciences participating. |
| Jul 2019 | Series B | Polaris Partners (lead); RA Capital Management (lead) | $160M | $464M | Freenome is a biotechnology company developing a multiomics blood testing platform for early cancer detection, focusing initially on colorectal cancer screening. The company, founded in 2014 and based in South San Francisco, aims to enable early detection of cancer when tumors are small and treatable, using machine learning and computational biology to analyze blood samples. The Series B financing round on July 24, 2019, raised $160-165 million, led by RA Capital Management and Polaris Partners, with participation from new investors including Perceptive Advisors, T. Rowe Price Associates, Roche Venture Fund, Kaiser Permanente Ventures, and the American Cancer Society’s BrightEdge Ventures, alongside existing investors like Andreessen Horowitz, GV, Data Collective Venture Capital, Section 32, and Verily Life Sciences. The post-money valuation for this round was $464.3 million at a price per share of $4.56. Proceeds were allocated to advance the platform's development, conduct a pivotal validation study for FDA and CMS submission under the Parallel Review Program, and expand laboratory infrastructure and software capabilities. Prior to this round, Freenome had raised approximately $78 million across earlier rounds, bringing total financing to around $238 million post-Series B. Freenome continued raising capital in subsequent rounds, including a $300 million Series D in December 2021 led by Perceptive Advisors and RA Capital Management, pushing total funding over $800 million, and a $254 million Series F in February 2024 led by Roche with a $2.17 billion post-money valuation. These funds supported commercialization of the CRC blood test, expansion to multi-cancer detection, and clinical programs like the PREEMPT CRC registrational study and the Vallania Study involving over 6,200 participants. |
| Aug 2017 | Series A | S32 (lead); Verily; S28 Capital; GV; Polaris Partners; Innovation Endeavors; Asset Management Ventures (AMV); Andreessen Horowitz; Founders Fund; DCVC; Anne Wojcicki; CRV | $7M | $196M | Freenome, a health technology company focused on non-invasive early detection of cancer through blood tests analyzing cell-free DNA, raised $69.62 million in its Series A round on August 28, 2017, achieving a post-money valuation of $196.16 million. The round included key investors such as Allen & Company, Ame Cloud Ventures, Anne Wojcicki, Asset Management Ventures, Charles River Ventures (CRV), Data Collective (DCVC), Founders Fund, GV, Innovation Endeavors, Polaris Partners, and Section 32 (S32), which led the extension portion. This extension added $7 million to a prior Series A tranche, bringing the total Series A to nearly $72 million, with proceeds allocated to accelerate clinical trials, expand research, and advance disease screening products toward market. The funding supported Freenome's platform development for multiomics cancer blood tests targeting early detection of diseases like colorectal cancer, with plans for regulatory review. Investors brought expertise in building health tech companies, aiding strategic guidance on clinical collaborations and product advancement. |
| Mar 2017 | Series A | Andreessen Horowitz (lead); S28 Capital; GV; Polaris Partners; Innovation Endeavors; AME Cloud Ventures; Asset Management Ventures (AMV); Agent Capital; Founders Fund; DCVC; Allen & Company; Charles River Associates | $65M | - | Freenome is a health technology company developing non-invasive blood tests for early cancer detection, focusing on colorectal cancer and expanding to lung, prostate, breast, and pancreatic cancers using a multiomics platform. The $65 million Series A round closed around March 1-2, 2017, led by Andreessen Horowitz, with participation from Data Collective (DCVC), Founders Fund, GV (Google Ventures), Polaris Partners, Innovation Endeavors, Asset Management Ventures (AMV), and Charles River Ventures. Funds were allocated to expand clinical trials with global researchers to accelerate product development and market entry. A smaller $7 million Series A extension followed in August 2017 led by Section 32. Freenome continued raising capital in later rounds, including $160 million Series B in 2019 and more, totaling over $1.4 billion, while preparing for FDA submission and commercialization. |
| Jun 2016 | Seed | Andreessen Horowitz (lead); Third Kind Venture Capital; Founders Fund; DCVC | $6M | - | Freenome is an AI biotech company focused on blood-based cancer screening and early disease detection. Founded in 2014 by Riley Ennis, Gabe Otte, and Charlie Roberts, the company combines machine learning with genomics to develop accessible cancer screening diagnostics, initially targeting colorectal cancer and advanced adenomas. The company closed a seed round on June 10, 2016, raising $5.6 million led by Andreessen Horowitz, with participation from Founders Fund, Data Collective Venture Capital, and Third Kind Venture Capital. Following this initial funding, Freenome went on to raise a Series A of $65 million in March 2017, followed by a $160 million Series B in 2019 and a $270 million Series C in 2020, ultimately raising over $1.1 billion from investors including Roche Venture Fund, Kaiser Permanente Ventures, Novartis, and RA Capital Management. |
Who has invested in Freenome?
23 investors have backed Freenome across its funding rounds, including Andreessen Horowitz, Founders Fund, DCVC, Polaris Partners, Roche and GV.
Lead investors include Roche, Exact Sciences, Perceptive Advisors, RA Capital Management, HBM Healthcare Investments and 4 other investors.
Freenome Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Boston, MA | 3 | Lead | Mar 2017 | |
| San Francisco, CA | 3 | Lead | Jun 2016 | |
| San Francisco, CA | 3 | Participant | Jun 2016 | |
| United States | 3 | Participant | Jun 2016 | |
 Basel | 3 | Lead | Jan 2022 | |
| San Francisco, CA | 2 | Participant | Mar 2017 | |
| San Francisco, CA | 2 | Participant | Mar 2017 | |
| San Francisco, CA | 2 | Participant | Mar 2017 | |
| San Francisco, CA | 2 | Participant | Mar 2017 | |
| Madison, WI | 2 | Lead | Aug 2025 | |
| Boston, MA | 2 | Lead | Jul 2019 | |
| New York City, NY | 2 | Lead | Aug 2020 | |
| San Francisco, CA | 1 | Participant | Aug 2017 | |
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Start Free TrialAcquisitions by Freenome
Freenome has acquired 1 company to date.
Last acquisition by Freenome was on May 22nd 2023. Freenome acquired Oncimmune for $17M.
Latest Acquisitions by Freenome
| Description | Oncimmune (USA) LLC is a Kansas City-based early cancer detection company founded in 2006 as a subsidiary of Oncimmune Ltd in Nottingham, England. Its CLIA-certified laboratory employs proprietary autoantibody assays to identify over 90 percent of solid-tumor cancers such as lung, breast, colorectal, prostate, stomach, pancreatic, and ovarian, protected by patents including numbers 7,402,403 and 7,205,117. |
| HQ Country |  |
| HQ City | Nottingham |
| Deal Date | 22 May 2023 |
| Valuation | $17M |
| EV/Revenue | |
| EV/EBITDA | |
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Freenome Competitors
Freenome competitors include listed companies like Castle Biosciences and Sansure Biotech, and private ones like Everly Health, EverlyWell, Formation Bio and Element Biosciences.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $344M | ($429K) | $1.1B | 2.5x | |
| United States | Private | - | - | $1.3B | - | |
| Austin, TX | Private | $100M | - | $1.3B | 13.0x | |
 China | Publicly listed | $245M | $48M | $1.4B | 4.1x | |
| New York City, NY | Private | - | - | $1B | - | |
| San Diego, CA | Private | $25M | - | $1B | 41.2x |
Freenome Public Comps
Freenome is still privately-owned, but its public comps include OPKO Health, Castle Biosciences, Sansure Biotech, Azenta, Novogene, Eckert & Ziegler, Vazyme Biotech, SOPHiA Genetics, Genfit and Personalis.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $607M | ($56M) | 2.2x | 2.3x | (23.3x) | (11.2x) | |||
| $344M | ($429K) | 2.6x | 2.5x | (2082.6x) | 44.9x | |||
| $245M | $48M | 4.2x | 4.1x | 21.3x | 14.6x | |||
| $594M | $35M | 2.0x | 2.0x | 34.0x | 20.7x | |||
| $329M | $50M | 1.9x | 1.9x | 12.5x | 13.5x | |||
| $359M | $105M | 2.2x | 2.2x | 7.5x | 7.4x | |||
| $205M | $18M | 6.6x | 6.0x | 76.5x | 35.0x | |||
| $77M | ($65M) | 8.8x | 7.5x | (10.4x) | (18.8x) | |||
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Common questions about Freenome
| When was Freenome founded? | Freenome was founded in 2014. |
| Where is Freenome headquartered? | Freenome is headquartered in San Francisco, CA, United States. |
| Is Freenome publicly listed? | No, Freenome is a private, VC-backed company. |
| What is Freenome's valuation? | Freenome was last valued at $1.2B in its undisclosed-stage round in February 2024. |
| How much funding has Freenome raised? | Freenome has raised $1.5B across 11 funding rounds. |
| What was Freenome's last funding round? | Freenome's last funding round was a $75M strategic investment round in November 2025, led by Roche. |
| Who are Freenome's investors? | Freenome's investors include Polaris Partners, Andreessen Horowitz, Founders Fund, DCVC, Roche, S28 Capital, GV, Innovation Endeavors, Asset Management Ventures (AMV), Exact Sciences and 13 others. |
| Which companies are comparable to Freenome? | Companies comparable to Freenome include Castle Biosciences, Everly Health, EverlyWell, Sansure Biotech, Formation Bio and Element Biosciences. |
| How many companies has Freenome acquired? | Freenome has acquired 1 company, including Oncimmune. |
| What was the largest acquisition by Freenome? | The $17M acquisition of Oncimmune in May 2023 is the largest acquisition Freenome has made to date. |
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