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- Mercy BioAnalytics
Mercy BioAnalytics Valuation, Funding & Investors
Mercy BioAnalytics is valued at $122M as of April 2023.
Last Mercy BioAnalytics valuation
$122M
Series A · Apr 2023
Last Mercy BioAnalytics funding round
$59M
Series B · Sep 2025
Cumulative funding Mercy BioAnalytics raised
$127M
across 3 funding rounds
About Mercy BioAnalytics
Mercy BioAnalytics is a diagnostics company developing blood tests for early-stage cancer detection using extracellular vesicles. Its platform analyzes EV biomarkers from liquid biopsies to identify stage I tumors in lung and breast cancers. Natick-headquartered since 2018, Mercy BioAnalytics collaborates with Mayo Clinic for clinical validation and plans FDA submissions in 2024.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$122M (Apr 2023)
Mercy BioAnalytics Valuation
Mercy BioAnalytics is currently valued at $122M, based on its Series A in April 2023.
The $41M round was led by Novalis LifeSciences, with participation from Sozo Ventures, iSelect Fund, Labcorp, Broadway Angels, Bruker and 1 other investor.
Mercy BioAnalytics valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2023 | Series A | $122M |
Mercy BioAnalytics Funding History
Mercy BioAnalytics has raised a total of $127M across 3 funding rounds.
Mercy BioAnalytics' first fundraising round was a $27M undisclosed-stage round in January 2021. The most recent completed round was a $59M Series B in September 2025.
Mercy BioAnalytics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Series B | Novalis LifeSciences (lead); Sozo Ventures (lead); iSelect Fund; Portfolia; BrightEdge (American Cancer Society VC unit); Labcorp; Mindshift Capital; Perceptive Xontogeny Venture Fund; Hologic; Avestria Ventures; Bruker | $59M | - | Mercy BioAnalytics, a Waltham, Massachusetts-based company, develops extracellular vesicle-based liquid biopsy tests for early cancer detection, focusing initially on ovarian cancer screening with its Mercy Halo test, which shows high sensitivity and specificity for pre-clinical high grade serous ovarian carcinoma in post-menopausal women based on blinded trial samples. The test analyzes blood-based extracellular vesicles using biomarker co-localization to identify early-stage cancers. The company plans to expand into multi-cancer and lung cancer screening applications. On September 3, 2025, Mercy BioAnalytics closed a $59 million Series B financing round co-led by Novalis LifeSciences and Sozo Ventures, with participation from Perceptive Xontogeny Venture Fund, American Cancer Society's BrightEdge, iSelect Fund, Portfolia, Avestria Ventures, Mindshift Capital, and strategic investors Hologic, Bruker Scientific, and Labcorp. Rob Freelen from Sozo Ventures joined the board coincident with the financing. The funding will support commercialization of the ovarian cancer test portfolio toward regulatory, clinical, and commercial milestones for launch in the clinical laboratory market, accelerating delivery of transformative early detection tests to patients and providers. Investors highlighted the platform's potential to address gaps in current cancer screening, particularly for ovarian cancer, the most lethal gynecological cancer often detected late. |
| Apr 2023 | Series A | Novalis LifeSciences (lead); Sozo Ventures; iSelect Fund; Labcorp; Broadway Angels; Bruker; Hatteras Venture Partners | $41M | $122M | Mercy BioAnalytics is a Natick, MA-based company developing the Mercy Halo platform, an extracellular vesicle-based liquid biopsy technology for early cancer detection, targeting high-risk indications like ovarian and lung cancer where current diagnostics fail to identify cases at treatable stages. The Series A round on April 3, 2023, raised $41 million, led by Novalis LifeSciences with participation from Sozo Ventures, Hatteras Venture Partners, iSelect Fund, American Cancer Society BrightEdge, Broadway Angels, Labcorp Ventures, Bruker, Jump Capital, AI Fund, and New Enterprise Associates, at a pre-money valuation of $81 million. Funds are allocated to advance clinical programs, particularly for ovarian cancer (where 80% of cases are diagnosed at late stages III or IV with poor survival) and lung cancer screening, while building a broad test portfolio leveraging the blood-based, easy-to-administer Mercy Halo assays. The financing underscores investor confidence in Mercy's unique approach, which avoids challenges of tumor-derived DNA-based liquid biopsies by focusing on extracellular vesicles for improved sensitivity and specificity in pre-clinical detection. Strategic participation from Labcorp and Bruker highlights potential for clinical laboratory commercialization. Paul Meister of Novalis, now on the board, praised Mercy's early clinical data, scientific rigor, and commercialization strategy. This Series A precedes a $59 million Series B in September 2025, co-led by Novalis and Sozo Ventures, with participants including Perceptive Xontogeny Venture Fund, American Cancer Society BrightEdge, iSelect Fund, Portfolia, Avestria Ventures, Mindshift Capital, Hologic, Bruker Scientific, and Labcorp, to support regulatory, clinical, and commercial milestones for ovarian cancer screening and expansion into multi-cancer and lung applications. Rob Freelen of Sozo joined the board post-Series B. |
| Jan 2021 | Undisclosed stage | The Perkins Fund | $27M | - | Mercy BioAnalytics is a biotechnology company founded in 2018, based in Waltham, MA, developing a novel liquid biopsy platform for early cancer detection using extracellular vesicles (EVs) in blood. Its lead product, the Mercy Halo test, analyzes single EVs via biomarker co-localization on surface proteins to detect cancers like ovarian and lung with high sensitivity and specificity using small serum or plasma volumes and PCR read-out. The platform aims to enable non-invasive, early diagnostics to relieve suffering and save lives. Subsequent rounds include a Series A of $41M on April 3, 2023, led by Novalis LifeSciences, Hatteras Venture Partners, Sozo Ventures, iSelect Fund, with participation from LabCorp, Bruker, and others; and a Series B of $59M on September 3-9, 2025, co-led by Novalis LifeSciences and Sozo Ventures, with Hologic, Avestria Ventures, Perceptive Advisors, Portfolia, BrightEdge, LabCorp, Bruker, and Xontogeny. Funds from later rounds support product development, clinical trials expansion, Halo portfolio growth, and commercialization, with strategic partners like LabCorp and Hologic aiding diagnostic integration. Competitive context involves oncology diagnostics and EV-based liquid biopsies, positioning Mercy for scaling validation and market penetration. |
Who has invested in Mercy BioAnalytics?
14 investors have backed Mercy BioAnalytics across its funding rounds, including Labcorp, iSelect Fund, Sozo Ventures, Bruker, Novalis LifeSciences and Hatteras Venture Partners.
Lead investors include Novalis LifeSciences and Sozo Ventures.
Mercy BioAnalytics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Apr 2023 | ||
| 2 | Participant | Apr 2023 | ||
| 2 | Lead | Apr 2023 | ||
| 2 | Participant | Apr 2023 | ||
| 2 | Participant | Apr 2023 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Apr 2023 | ||
| 1 | Participant | Sep 2025 | ||
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Start Free TrialMercy BioAnalytics Competitors
Mercy BioAnalytics competitors include listed companies like electroCore and Applied BioCode, and private ones like Juno Diagnostics, Picodya Technologies Ltd., Craif and Pepex Biomedical.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $125M | - | ||
| Private | - | - | $125M | - | ||
| Publicly listed | $32M | ($12M) | $103M | 2.6x | ||
| Private | - | - | $100M | - | ||
| Private | - | - | $100M | - | ||
| Publicly listed | $15M | ($5M) | $90M | - |
Mercy BioAnalytics Public Comps
Mercy BioAnalytics is still privately-owned, but its public comps include Sisram Medical, Onyx Healthcare, MaxCyte, SDI Group, Cibus, C-Rad, Apyx Medical, Viromed Medical, Laxmi Dental and EBR Systems.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $365M | $48M | 0.4x | 0.4x | 3.1x | 3.6x | |||
| $41M | $5M | 3.0x | - | 27.3x | - | |||
| $33M | ($47M) | 1.1x | 1.1x | (0.7x) | (1.2x) | |||
| $100M | $17M | 1.7x | 1.6x | 9.5x | 8.3x | |||
| $4M | ($91M) | 37.8x | 28.9x | (1.5x) | (2.3x) | |||
| $45M | $3M | 2.3x | 2.2x | 39.0x | 12.3x | |||
| $53M | ($6M) | 2.7x | 2.4x | (24.9x) | (39.8x) | |||
| $6M | ($394K) | 22.1x | 3.7x | (327.8x) | 25.9x | |||
This data is available for Pro users. Sign up to see all Mercy BioAnalytics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Mercy BioAnalytics
| When was Mercy BioAnalytics founded? | Mercy BioAnalytics was founded in 2018. |
| Where is Mercy BioAnalytics headquartered? | Mercy BioAnalytics is headquartered in Boston, MA, United States. |
| Is Mercy BioAnalytics publicly listed? | No, Mercy BioAnalytics is a private, VC-backed company. |
| What is Mercy BioAnalytics' valuation? | Mercy BioAnalytics was last valued at $122M in its Series A in April 2023. |
| How much funding has Mercy BioAnalytics raised? | Mercy BioAnalytics has raised $127M across 3 funding rounds. |
| What was Mercy BioAnalytics' last funding round? | Mercy BioAnalytics' last funding round was a $59M Series B in September 2025, led by Novalis LifeSciences and Sozo Ventures. |
| Who are Mercy BioAnalytics' investors? | Mercy BioAnalytics' investors include Sozo Ventures, iSelect Fund, Novalis LifeSciences, Labcorp, Bruker, Portfolia, BrightEdge (American Cancer Society VC unit), Mindshift Capital, The Perkins Fund, Perceptive Xontogeny Venture Fund and 4 others. |
| Which companies are comparable to Mercy BioAnalytics? | Companies comparable to Mercy BioAnalytics include Juno Diagnostics, Picodya Technologies Ltd., electroCore, Craif, Pepex Biomedical and Applied BioCode. |
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