Exclusive: Precision health firm Color just scored a $75 million funding round
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Color (the health tech and precision genomics firm), is ramping up its ambitions. And it’s getting a boost from a $75 million funding round led by T. Rowe Funds and Viking Global Investors, the company tells Fortune.
“This raise is driven by a big step up in our business (more than a seven-times contract growth) with improved profitability, so we are focusing on scaling what is now a sustainable business and continuing to develop our platform,” Color CEO Othman Laraki tells Fortune in an interview.
“This strategy is what played out in 2019—focusing on using genetics not just for selling tests for tests’ sake,” he continued.
Color has been trying to differentiate itself from other digital health firms, and particularly those with a focus on the genetic testing space, by pointing out how much value it places on genetic counselors. The company has won grants in a collaboration with the National Institute of Health’s (NIH) “All of Us” initiative, which seeks to provide de-identified genetic and health data, and software solutions, from one million people to the federal government. And linking people with counselors is a key part of the strategy.
Color declined to comment on the record about the valuation associated with the $75 million funding round. (It was also a bit coy about whether or not there are IPO plans in the near future, alas.)
Much of this coincides with with ongoing JP Morgan Healthcare Conference in San Francisco this week. Stay tuned.
Read on for the day’s news.
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