Mercy BioAnalytics has announced the successful close of a $59 million Series B funding round to accelerate the development and commercialization of its early cancer detection technologies. The round was co-led by Novalis and Sozo Ventures, with additional support from Perceptive Xontogeny Venture Fund, American Cancer Society BrightEdge, iSelect Fund, and several investors focused on women’s health and leadership, including Portfolia, Avestria Ventures, and Mindshift Capital. Strategic backing also came from industry leaders such as Hologic, Bruker Scientific, and Labcorp.
Investors see Mercy’s platform as one of the most promising in the field of oncology diagnostics. With strong clinical data, a growing pipeline, and a clear commercialization strategy, Mercy is well-positioned to address critical gaps in current cancer screening and bring transformative solutions to patients and providers.
How the funding will be used: This funding will enable Mercy to expand its Halo test portfolio, beginning with its blood-based ovarian cancer screening solution. The Halo test is designed to detect high-grade serous ovarian carcinoma in post-menopausal women at earlier, more treatable stages. Based on blinded evaluations from randomized controlled trials, the test has demonstrated exceptional sensitivity and specificity, positioning it as a potential breakthrough in cancer diagnostics.
The capital will also support the development of additional screening tests for lung cancer and other indications, broadening Mercy’s impact across oncology. These tests are built on the company’s proprietary extracellular vesicle-based liquid biopsy platform, which captures cancer-related biomarkers from blood samples with high precision.
New board member: As part of the financing, Rob Freelen, Managing Director at Sozo Ventures, has joined Mercy’s Board of Directors. His background in venture capital and leadership at Silicon Valley Bank adds strategic depth to the company’s governance as it scales operations and prepares for broader market entry.
KEY QUOTES:
“This financing accelerates our efforts to bring transformative early cancer detection tests to patients and providers. We are grateful for the support of our investors and proud to partner with those who share our mission to save lives and relieve suffering through the early detection of cancer.”
Dawn Mattoon, Ph.D., Chief Executive Officer of Mercy
“We believe Mercy is building one of the most promising early detection platforms in oncology. Their technology addresses a critical gap in current cancer screening, and we’re excited to support the team as they continue to deliver on critical regulatory, clinical, and commercial milestones.”
Paul Meister, Partner at Novalis
