Biotechnology and precision medicine company Caris Life Sciences announced it raised $168 million in growth capital funding.
Caris Life Sciences has now raised $1.86 billion in capital since 2018.
Braidwell LP led the round with participation from new investors Perceptive Advisors, Woodline and Ghisallo.
Millennium Management and First Light Asset Management also participated in the round.
WHAT IT DOES
Caris is involved in pathology and molecular profiling to diagnose and treat cancerous tissues.
It uses molecular science AI and machine learning algorithms to analyze cancer to help guide physicians in making treatment decisions.
The company will use the money to grow its precision medicine platform and scale its reach.
“This raise will help us bring our market-leading science and technologies to as many patients as possible and further our goal of revolutionizing precision medicine,” David Halbert, chairman, founder and CEO of Caris, said in a statement.
“We plan to unlock the full potential of precision medicine by comprehensively interrogating cancer at the molecular level and enabling the delivery of transformative applications of molecular science.”
MARKET SNAPSHOT
In 2023, ConcertAI announced it expanded its partnership with Caris Life Sciences. The two companies created a database to generate insights to advance precision medicine, clinical trial management and therapeutic development.
The partners developed a database that leverages both companies’ clinical, molecular and multimodal data aimed at allowing academics and biopharma researchers to acquire insights for oncology-focused precision medicine, clinical trial management and therapeutic development.
Other companies involved in precision medicine for cancer include ImpriMed, which in 2024 expanded its services to include human oncology with the aim of providing drug-response predictions for routine blood cancers, such as newly diagnosed multiple myeloma and acute myeloid leukemia.
ImpriMed’s human precision medicine services focus on complex blood cancers, using genomic analysis, machine learning and ex vivo drug sensitivity testing.
In 2023, Pfizer announced a multiyear strategic alliance with Tempus to use AI and machine learning to inform drug discovery and development in oncology.
Pfizer uses Tempus’ library of de-identified data to increase therapeutic development in oncology. Additionally, it will use Tempus’ AI-driven companion diagnostic tools and clinical trial-matching program to bolster therapeutic research and development.
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