Genalyte Valuation, Funding & Investors

Genalyte is valued at $350M as of January 2021.

Last Genalyte valuation

$350M

Undisclosed stage · Jan 2021

Last Genalyte funding round

$13M

Series C · Mar 2023

Cumulative funding Genalyte raised

$143M

across 4 funding rounds

Key investors in Genalyte

Genalyte Overview

About Genalyte

Genalyte is a San Diego-headquartered life sciences company commercializing the Maverick platform for multiplexed protein and nucleic acid detection using silicon photonics. The technology enables rapid, chip-based immunoassays measuring dozens of biomarkers from a single blood sample in minutes. Genalyte targets autoimmune, infectious disease, and cardiology diagnostics, with FDA-cleared tests for rheumatoid arthritis and lupus markers.


Founded

2007

HQ

United StatesSan Diego, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$350M (Jan 2021)

Genalyte Valuation

Genalyte is currently valued at $350M, based on its undisclosed-stage round in January 2021.

The $50M round was led by Verily, with participation from Redmile Group, HBM Healthcare Investments, Khosla Ventures, Samsara BioCapital and Provenio Capital.

Genalyte valuation by funding round

Genalyte valuation by funding round
DateStageValuation
Jan 2021Undisclosed stage$350M

Genalyte Funding History

Genalyte has raised a total of $143M across 4 funding rounds.

Genalyte's first fundraising round was a $44M Series C in August 2015. The most recent completed round was a $13M Series C in March 2023.

Genalyte funding rounds

Genalyte funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2023Series CHBM Partners$13M-Genalyte is a diagnostics and analytics company developing the Merlin Automated Lab for on-site, real-time blood test results. In April 2023, it expanded its Series C financing by $17.5 million to over $67 million total, led by Verily Life Sciences and Boutique Venture Partners, with participation from HBM Healthcare Investments, Redmile Group, Provenio Capital, Khosla Ventures, Samsara Biocapital, and Invus. The funds support FDA approval efforts and pilot programs for its technology. Previously, Genalyte raised $50 million in a Series E round on January 11, 2021, from Verily, HBM Partners, Khosla Ventures, Provenio Capital, Redmile Group, and Samsara BioCapital. HBM Healthcare Investments reports Genalyte (noted as BaseHealth) in its private portfolio as of June 2024, with a fair value of USD 8.8 million. Overall, Genalyte has raised $141.8 million across multiple rounds from eight investors.
Jan 2021Undisclosed stageVerily (lead); Redmile Group; HBM Healthcare Investments; Khosla Ventures; Samsara BioCapital; Provenio Capital$50M$350MGenalyte is a San Diego-based diagnostics and analytics company developing the Maverick Diagnostic System (MDS), which employs silicon chip-based photonic ring resonance technology for multiple simultaneous rapid tests from small volumes of whole blood or serum in 20 minutes. The platform supports applications like an EUA-authorized SARS-CoV-2 Multi-Antigen Serology Panel measuring 26 antibodies from one drop of blood, with validation from Mayo Clinic, Scripps, and Northshore Healthcare. On January 11, 2021, Genalyte closed an oversubscribed $50 million Series E financing round led by Verily (Alphabet's life sciences arm), with participation from HBM Healthcare Investments, Khosla Ventures, Provenio Capital, Redmile Group, Samsara BioCapital, and others. Andy Conrad, Verily's CEO and founder, joined Genalyte's board. The funds are earmarked for expanding the Maverick test menu and deploying the platform in clinical and retail settings to enable decentralized lab testing with real-time results for physicians and patients. This round brought Genalyte's total funding to $141.8 million across multiple rounds. The FDA had approved Maverick for select antibody tests, including COVID-19 antibodies, with more submissions planned. Genalyte aims to revolutionize laboratory testing by improving patient outcomes and reducing costs through rapid, actionable insights.
Nov 2016Series DKhosla Ventures (lead); Redmile Group (lead)$36M-Genalyte is a San Diego-based diagnostics company developing the Maverick Detection System, a microchip-based platform that performs up to 128 tests on a single drop of finger-prick blood in under 15 minutes, targeting point-of-care settings for diseases like rheumatoid arthritis. The technology uses photonic microring sensors and has shown promising clinical data presented at the American College of Rheumatology meeting in November 2016, validating its accuracy against traditional blood draws. Genalyte's platform is already used commercially in the pharmaceutical industry and aims for FDA approval to enable outpatient diagnostics, improving patient-physician experiences over lab-based testing. In November 2016, Genalyte raised $36 million in a funding round co-led by Khosla Ventures and Redmile Group, both repeat investors from prior rounds. This brought the company's total funding to $82 million since its founding in 2007. The new capital adds to a $44 million Series C round closed in August 2015, backed by BioMed Realty Ventures, Khosla Ventures, Redmile Group, and Claremont Creek Ventures, as well as an earlier $11.8 million Series B in 2012. An even earlier $44 million round was noted in some sources, but details align with the 2015 financing. Genalyte plans to use the 2016 proceeds to fully develop the Maverick platform, conduct additional clinical studies for performance validation, and pursue FDA approval for near-patient diagnostics. CEO Cary Gunn emphasized advancing the technology toward commercialization in doctors' offices. The company positions itself amid a shifting diagnostics industry valued at around $50 billion, capitalizing on demand for faster, decentralized testing despite challenges in the blood-testing sector.
Aug 2015Series CKhosla Ventures (lead); CLI Ventures; Pfeffer Capital; Redmile Group; Claremont Creek Ventures; BioMed Ventures$44M-Genalyte is a San Diego-based diagnostics company developing the Maverick Detection System, a microchip-based platform using photonic microring sensors to perform up to 128 tests on a single drop of blood in under 15 minutes, targeting point-of-care settings for diseases like rheumatoid arthritis, pending FDA approval. The technology is already used commercially in the pharmaceutical industry and has shown positive results in clinical studies presented at the American College of Rheumatology. On August 18, 2015, Genalyte completed a $44 million Series C financing round led by Khosla Ventures, with participation from BioMed Realty Ventures (corporate venturing unit of BioMed Realty), Redmile Group, Claremont Creek Ventures, and others including CLI Ventures and Pfeffer Capital as specified. This round followed a $11.8 million Series B in 2012 featuring Redmile and Claremont Creek. Funds were intended to fully develop the platform and conduct additional clinical studies to prove performance. In November 2016, Genalyte added $36 million to the Series C, co-led by Khosla Ventures and Redmile Group, bringing the total Series C to over $80 million, to support further clinical trials ahead of regulatory approval. Later developments included a 2023 expansion of Series C by $17.5 million to over $67 million led by Verily Life Sciences and Boutique Venture Partners, with existing investors like Redmile, Khosla, and others, to accelerate FDA approval and pilot programs for the Merlin Automated Lab. An oversubscribed $50 million round followed, led by Verily, to expand the test menu including SARS-CoV-2 serology and deploy the Maverick platform in clinical settings, verified by independent tests from Mayo Clinic, Scripps, and Northshore.

Who has invested in Genalyte?

11 investors have backed Genalyte across its funding rounds, including Khosla Ventures, Redmile Group, HBM Healthcare Investments, Samsara BioCapital, HBM Partners and Claremont Creek Ventures.

Lead investors include Verily, Khosla Ventures and Redmile Group.


Genalyte Investors

Investors in Genalyte by funding rounds participated
InvestorHQRoundsRoleFirst check
Redmile GroupUnited StatesSan Francisco, CA3LeadAug 2015
Khosla VenturesUnited StatesSan Francisco, CA3LeadAug 2015
CLI VenturesUnited StatesSan Francisco, CA1ParticipantAug 2015
Pfeffer CapitalUnited KingdomLondon1ParticipantAug 2015
VerilyUnited StatesSan Francisco, CA1LeadJan 2021
HBM Healthcare InvestmentsSwitzerlandZug1ParticipantJan 2021
Claremont Creek VenturesUnited StatesSan Francisco, CA1ParticipantAug 2015
HBM PartnersSwitzerlandZug1ParticipantMar 2023
BioMed VenturesUnited StatesSan Diego, CA1ParticipantAug 2015

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Genalyte

Genalyte has acquired 1 company to date.

Last acquisition by Genalyte was on April 25th 2020. Genalyte acquired BaseHealth for undisclosed valuation.


Latest Acquisitions by Genalyte

BaseHealth
Description
Sunnyvale-headquartered BaseHealth offers a predictive health platform analyzing medical journals and patient records via machine learning to assess risks for 43 chronic diseases. Founded in 2008, the evidence-based system enables providers to intervene early, avoiding expensive treatments. BaseHealth serves healthcare organizations by integrating with electronic health records for proactive patient management.
HQ CountryUnited States
HQ City
San Francisco, CA
Deal Date25 Apr 2020
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Genalyte Competitors

Genalyte competitors include listed companies like Orchestra BioMed and Shoulder Innovations, and private ones like Singulex, BioIntelliSense, Svision and TOPI Imaging Technology.

Public and private companies comparable to Genalyte
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SingulexUnited StatesSan Francisco, CAPrivate$25M-$250M10.0x
BioIntelliSenseUnited StatesUnited StatesPrivate--$350M-
SvisionChinaLuoyangPrivate--$348M-
Orchestra BioMedUnited StatesUnited StatesPublicly listed$33M($51M)$347M28.8x
TOPI Imaging TechnologyChinaBeijingPrivate--$344M-
Shoulder InnovationsUnited StatesUnited StatesPublicly listed$47M($37M)$371M4.6x

Genalyte Public Comps

Genalyte is still privately-owned, but its public comps include Stratec, Orthofix Medical, Advanced Technology Company, AVITA Medical, Orchestra BioMed, Vicenne, IVF hartmann, Universal Vision, VieMed and Mobia Medical.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Stratec$289M$39M1.6x1.5x11.8x9.9x
Orthofix Medical$822M$4M0.6x0.6x121.4x5.2x
Advanced Technology Company$521M$5M1.8x-169.7x-
AVITA Medical$72M($41M)5.4x4.7x(9.3x)(14.7x)
Orchestra BioMed$33M($51M)8.5x28.8x(5.5x)(3.5x)
Vicenne$114M$26M2.6x2.5x11.2x-
IVF hartmann$197M$32M1.1x-7.1x-
Universal Vision$132M$58M2.8x2.7x6.4x-

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Common questions about Genalyte

When was Genalyte founded?Genalyte was founded in 2007.
Where is Genalyte headquartered?Genalyte is headquartered in San Diego, CA, United States.
Is Genalyte publicly listed?No, Genalyte is a private, VC-backed company.
What is Genalyte's valuation?Genalyte was last valued at $350M in its undisclosed-stage round in January 2021.
How much funding has Genalyte raised?Genalyte has raised $143M across 4 funding rounds.
What was Genalyte's last funding round?Genalyte's last funding round was a $13M Series C in March 2023.
Who are Genalyte's investors?Genalyte's investors include Redmile Group, Khosla Ventures, CLI Ventures, Pfeffer Capital, Verily, HBM Healthcare Investments, Claremont Creek Ventures, HBM Partners, BioMed Ventures, Samsara BioCapital and 1 other.
Which companies are comparable to Genalyte?Companies comparable to Genalyte include Singulex, BioIntelliSense, Svision, Orchestra BioMed, TOPI Imaging Technology and Shoulder Innovations.
How many companies has Genalyte acquired?Genalyte has acquired 1 company, including BaseHealth.

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