Thrive Earlier Detection Acquisition, Valuation, Funding & Investors

Thrive Earlier Detection was acquired by Exact Sciences for $2.2B in October 2020.

Thrive Earlier Detection acquisition price

$2.2B

Acquired by Exact Sciences · Oct 2020

Cumulative funding Thrive Earlier Detection raised

$367M

across 2 funding rounds

Key investors in Thrive Earlier Detection

  • Casdin Capital
  • S32
  • Invus
  • Third Rock Ventures
  • The Blue Venture Fund
  • Cowin Venture
  • Camden Partners
  • Biomatics Capital Partners

Thrive Earlier Detection Overview

About Thrive Earlier Detection

Thrive Earlier Detection is a cancer diagnostics company developing CancerSEEK, a multi-cancer liquid biopsy test detecting early-stage tumors through blood analysis. Baltimore-based since 2015 and backed by Third Rock Ventures, Section 32, and Exact Sciences, it integrates results into routine medical care.


Founded

2019

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$2.2B (acquired Oct 2020)

Thrive Earlier Detection Acquisition

Thrive Earlier Detection was acquired by Exact Sciences for $2.2B on 27 October 2020.

Before the acquisition Thrive Earlier Detection had raised $367M across 2 funding rounds.

Thrive Earlier Detection acquisition details
AcquirerDateTypePrice
27 Oct 2020PE buyout$2.2B

Thrive Earlier Detection Funding History

Thrive Earlier Detection has raised a total of $367M across 2 funding rounds.

Thrive Earlier Detection's first fundraising round was a $110M Series A in May 2019. The most recent completed round was a $257M Series B in July 2020.

Thrive Earlier Detection funding rounds

Thrive Earlier Detection funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2020Series BCasdin Capital (lead); S32 (lead)$257MThrive Earlier Detection, a Cambridge, Massachusetts-based company spun out from Johns Hopkins University cancer research, develops CancerSEEK, a liquid biopsy blood test designed to detect multiple cancers at early stages by identifying tumor DNA in the bloodstream. The test aims to integrate into routine medical care to enable earlier detection and more effective treatments before cancers metastasize. In a real-world DETECT-A study of over 10,000 women conducted with Geisinger Health and Johns Hopkins, the test more than doubled cancers detected via standard screening methods, with data presented at the American Association for Cancer Research annual meeting in April 2020. On July 29, 2020, Thrive closed a $257 million Series B financing round co-led by Casdin Capital and Section 32, following a $110 million Series A in 2019. New investors included Bain Capital Life Sciences, Brown Advisory, Driehaus Capital Management, Intermountain Ventures, Janus Henderson Investors, Lux Capital, Moore Strategic Ventures, Perceptive Advisors, Rock Springs Capital, Sands Capital, and T. Rowe Price-advised funds, with all prior Series A investors returning. Eli Casdin joined the board as part of the financing. Proceeds fund a large registrational trial for FDA approval, finalization of CancerSEEK design, and commercialization preparations. At the time, Thrive had grown from 26 to over 100 employees since its 2019 launch. The company positioned CancerSEEK to address late-stage cancer detection challenges, with CEO David Daly noting plans to work with stakeholders on reimbursement and access. Later, Exact Sciences announced plans to acquire Thrive for up to $2.15 billion in cash and stock, but this post-dates the Series B.
May 2019Series AThird Rock Ventures (lead); The Blue Venture Fund; Gamma3; Casdin Capital; Invus; Biomatics Capital Partners; S32; Camden Partners; Exact Sciences; Cowin Venture$110MThrive Earlier Detection launched on May 30, 2019, with a $110 million Series A funding round led by Third Rock Ventures, with participation from Section 32, Casdin Capital, Biomatics Capital, BlueCross BlueShield Venture Partners, The Invus Group, Exact Sciences, Cowin Venture, Camden Partners, Gamma 3, and others. The company, spun out from Johns Hopkins University, holds an exclusive license to CancerSEEK, a multi-analyte liquid biopsy blood test developed over 25 years by scientific co-founders Bert Vogelstein, Kenneth Kinzler, and Nickolas Papadopoulos to detect multiple cancers at early, non-metastatic stages. CancerSEEK combines protein and DNA biomarkers for high sensitivity and specificity, aiming to enable routine screening in primary care similar to heart disease tests, with potential to shift intervention earlier for better cure rates via resection or therapy. The Series A proceeds were primarily allocated to additional clinical trials for FDA approval, positioning in cancer care guidelines, and generating health economics data for payers. Thrive emphasized rigorous evidence, affordability, and integration into routine care, with early data from a prospective study showing 69-98% sensitivity in cancer confirmation and 99% specificity in healthy controls. At launch, the company had about 40 employees and partnerships like Geisinger Health System. CEO Steven Kafka, a Third Rock partner, highlighted the test's potential to make early cancer detection accessible. Thrive positioned CancerSEEK to compete with deep-pocketed players like Grail and Guardant Health in the multi-cancer early detection space. The company progressed rapidly post-launch, raising a $257 million Series B in July 2020 led by Casdin Capital and Section 32 with new investors including Bain Capital Life Sciences and others, funding advancement of CancerSEEK including a 10,000-patient prospective interventional study. In October 2020, Exact Sciences announced acquisition of Thrive for up to $2.15 billion ($1.7 billion at close plus $450 million milestones), establishing leadership in blood-based multi-cancer screening; the deal closed in Q1 2021.

Who has invested in Thrive Earlier Detection?

10 investors have backed Thrive Earlier Detection across its funding rounds, including Casdin Capital, S32, Invus, Third Rock Ventures, The Blue Venture Fund and Cowin Venture.

Lead investors include Casdin Capital, S32 and Third Rock Ventures.


Thrive Earlier Detection Investors

Investors in Thrive Earlier Detection by funding rounds participated
InvestorHQRoundsRoleFirst check
Casdin CapitalUnited StatesNew York City, NY2LeadMay 2019
S32United StatesSan Diego, CA2LeadMay 2019
The Blue Venture FundUnited StatesChicago, IL1ParticipantMay 2019
Gamma3BrazilCuritiba1ParticipantMay 2019
InvusUnited StatesNew York City, NY1ParticipantMay 2019
Third Rock VenturesUnited StatesBoston, MA1LeadMay 2019
Biomatics Capital PartnersUnited StatesSeattle, WA1ParticipantMay 2019
Camden PartnersUnited StatesBaltimore, MD1ParticipantMay 2019

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Thrive Earlier Detection Competitors

Thrive Earlier Detection competitors include listed companies like Insight Lifetech, Oxford Nanopore Technologies and BGI Genomics, and private ones like ArsenalBio, EverlyWell and Ankon Medical Technologies.

Public and private companies comparable to Thrive Earlier Detection
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ArsenalBioUnited StatesUnited StatesPrivate--$1.9B-
Insight LifetechChinaChinaPublicly listed$81M$18M$1.8B21.4x
EverlyWellUnited StatesAustin, TXPrivate$100M-$1.3B13.0x
Ankon Medical TechnologiesChinaWuhanPrivate--$870M-
Oxford Nanopore TechnologiesUnited KingdomUnited KingdomPublicly listed$301M($133M)$2.1B5.7x
BGI GenomicsChinaChinaPublicly listed$553M($20M)$2.3B3.4x

Thrive Earlier Detection Public Comps

Thrive Earlier Detection is no longer listed, but its public comps include GN Store Nord, Alamar Biosciences, Jeol, UFP Technologies, Rigaku, Draegerwerk, Bausch Health, Butterfly Network, Oxford Nanopore Technologies and Fukuda Denshi.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GN Store Nord$2.6B$382M1.4x2.0x9.5x18.5x
Alamar Biosciences$74M($27M)27.3x19.1x(74.8x)(42.3x)
Jeol$1.2B$224M1.9x2.0x9.6x10.7x
UFP Technologies$603M$112M3.7x3.5x20.3x17.4x
Rigaku$606M$140M4.1x3.9x17.9x16.2x
Draegerwerk$4B$449M0.6x0.6x5.2x5.1x
Bausch Health$10B$3.1B2.2x2.1x7.2x5.7x
Butterfly Network$98M($73M)20.6x17.6x(27.5x)(93.5x)

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Common questions about Thrive Earlier Detection

When was Thrive Earlier Detection founded?Thrive Earlier Detection was founded in 2019.
Where is Thrive Earlier Detection headquartered?Thrive Earlier Detection is headquartered in United States.
Is Thrive Earlier Detection publicly listed?No, Thrive Earlier Detection was acquired by Exact Sciences in October 2020.
Who acquired Thrive Earlier Detection?Thrive Earlier Detection was acquired by Exact Sciences in October 2020.
How much was Thrive Earlier Detection acquired for?Thrive Earlier Detection was acquired for $2.2B in October 2020.
How much funding has Thrive Earlier Detection raised?Thrive Earlier Detection has raised $367M across 2 funding rounds.
What was Thrive Earlier Detection's last funding round?Thrive Earlier Detection's last funding round was a $257M Series B in July 2020, led by Casdin Capital and S32.
Who are Thrive Earlier Detection's investors?Thrive Earlier Detection's investors include Casdin Capital, S32, The Blue Venture Fund, Gamma3, Invus, Third Rock Ventures, Biomatics Capital Partners, Camden Partners, Exact Sciences and Cowin Venture.
Which companies are comparable to Thrive Earlier Detection?Companies comparable to Thrive Earlier Detection include ArsenalBio, Insight Lifetech, EverlyWell, Ankon Medical Technologies, Oxford Nanopore Technologies and BGI Genomics.

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