Genetic sequencing startup Tesis Labs has announced a $20 million of growth equity financing, marking the company’s first external raise since it was founded in early 2020.
This financing put the company at a post-money valuation of $520 million. The round began and ended in September of this year and it was led by Xcellerant 1 TLC, LLC, an investment group led by Arizona-based health entrepreneur John Shufeldt, MD.
Before this funding, the Phoenix-based biotech company raised approximately $15 million from internal sources.
Tesis Labs plans to use this new capital to expand its testing capacity. The company is currently expanding the square footage of its three existing labs in Denver, Lafayette, Colo. and Houston, and is looking to build other facilities across the country.
Tesis Labs will also be opening a facility in Scottsdale in December 2021, which was announced earlier this year. The company says this single lab will “more than double the entire current capacity of the company.”
Tesis Labs is a genetically integrated medical platform designed to give healthcare providers and physicians access to genetic testing and precision medicine. From there, providers can create better customized care plans to help treat chronic diseases.
Ultimately, the company hopes to change medicine forever through genetic testing. By providing the right treatment tools to physicians, hospitals and researchers, Tesis Labs hopes to enable these groups to help patients overcome major illnesses like heart disease, lung disease and cancer on an individual and generational level.
“Focusing on the underlying science of genetic research and testing within the chronic disease area, Tesis looks to make a significant impact in the quality of life of patients while partnering with multiple companies focused on preventative medicine and population health,” Ron King, Tesis Labs CEO and managing director, said in a statement.