SomaLogic Adds $81 Million To Current Funding Round, Bringing Total To $214 Million

By Annie Baker ● Jan 4, 2021
  • SomaLogic — a leader in proteomic discovery and applications transforming biomedical discovery and clinical diagnostics — announced that it added $81 million to its current funding round

SomaLogic — a leader in proteomic discovery and applications transforming biomedical discovery and clinical diagnostics — announced that it added $81 million to its current funding round with investments from a number of additional investors for a total Series A raise of $214 million. And the funds raised in this round will facilitate improving, expanding, and commercializing SomaLogic’s world-leading proteomic products in both the clinical and life science markets.

The Series A funding round was led by noted life science investor Casdin Capital with participation in the first November close from Farallon Capital Management, Foresite Capital, funds and accounts advised by T. Rowe Price Associates, Blue Water Life Science Advisors, Madryn Asset Management, Fiscus Ventures, and Reimagined Ventures (affiliates of Magnetar Capital), Monashee Investment Management, Mossrock Capital, Soleus Capital, and others.

In the second close of the funding round, the additional financial investors include Janus Henderson Investors, Redmile Group, Logos Capital, Revelation Partners, Ziff Capital Healthcare Ventures, Boston Millennia Partners, and Millennium Management. And strategic investors from a number of premier organizations that span the current and future proteomics market include Novartis, Amgen, Intermountain Ventures, and NEC Solution Innovators, Ltd. Cowen was an advisor in this effort.

SomaLogic’s SomaScan Platform technology offers biopharmaceutical and academic researchers unparalleled and reliable coverage of the proteome for revealing new biology, identifying new drug targets, and assessing the effects of current and potential new drug treatments. And SomaLogic recently expanded the number of proteins measured by their platform from 5,000 to more than 7,000. And SomaLogic’s growing offerings of clinically relevant SomaSignal tests promises a new paradigm of empowering clinicians and individuals to effectively manage health in real-time with a powerful and first-in-class set of proteomics-based diagnostic tools.

KEY QUOTES:

“We are very excited to have these financing partners for the next phase of our strategic growth – a syndicate that unequivocally represents the best of those involved in supporting and growing life sciences tools and leading edge diagnostics companies, and several that represent the growing market for our products as well. Proteomics will increasingly transform life sciences research and clinical care in ways previously unimagined and we are now positioned at the very forefront of that endeavor.”

— SomaLogic Chief Executive Officer Roy Smythe, M.D.

“This financing positions SomaLogic to continue to lead in the exploration of the proteome through its powerful technology platform. We’re excited to partner with the team to build off the decades of trailblazing science and validating partnerships with world-class collaborators to expand access to the technology and to drive value to the clinical and life science ecosystem.”

— SomaLogic’s Chief Investment Officer and Casdin Founder Eli Casdin