Delfi Diagnostics Raises $225M Series B to Expand AI‑Driven Liquid Biopsy Cancer Tests
Delfi Diagnostics, a biotechnology company developing next‑generation liquid biopsy tests for early cancer detection and monitoring, has attracted major funding from strategic and institutional investors as it continues to expand its technology platform, clinical validation efforts, and commercial reach. The company’s investors have expressed confidence in its fragmentomics‑based approach — analyzing genome‑wide cell‑free DNA (cfDNA) to detect cancer — and its potential to transform early detection and cancer management.
A key milestone in the company’s funding trajectory was the $225 million Series B financing round announced in 2022, which marked one of the largest funding events in the liquid biopsy diagnostics space. The round was led by DFJ Growth, a growth‑stage venture capital firm with a track record of supporting breakthrough healthcare and data‑driven companies. Participation in the Series B came from a broad coalition of strategic and financial investors, highlighting the breadth of backing behind Delfi’s vision. Institutional participants included global healthcare and investment firms such as Eli Lilly and Company, Point72, Brown Advisory, and Point Field Partners, as well as specialized investors like Initiate Ventures, Open Field Capital, and PTX Capital. The round also included continued support from existing backers such as Cowen Healthcare Investments, Foresite Capital, Menlo Ventures, OrbiMed, funds and accounts advised by T. Rowe Price Associates, Inc., Northpond Ventures, Samsara BioCapital, Rock Springs Capital, AV8 Ventures, Illumina Ventures, Osage University Partners, and Windham Venture Partners.
The Series B capital was earmarked for supporting the continued development and commercialization of Delfi’s portfolio of blood tests for single cancer early detection, multi‑cancer screening, and treatment monitoring. By backing both new and existing initiatives, investors reinforced long‑term support for Delfi’s platform and clinical strategy.
Before its Series B, Delfi had already made waves in the diagnostics field with a $100 million Series A financing led by OrbiMed in 2021, which provided foundational capital to validate and scale its technology. That round brought in participation from backers including Menlo Ventures, Samsara BioCapital, Illumina Ventures, Windham Venture Partners, Foresite Capital, Northpond Ventures, Cowen Healthcare Investments, and Rock Springs Capital. The Series A funded Delfi’s research, machine learning capabilities, and clinical testing infrastructure.
In addition to these major fundraising events, in 2024 Delfi Diagnostics received an equity investment from the Merck Global Health Innovation Fund, the corporate venture capital arm of Merck & Co. This strategic investment aimed to accelerate development and commercialization of Delfi’s cancer screening technologies, particularly its AI‑enabled fragmentomics platform.
Delfi’s platform has led to commercially available tests such as FirstLook Lung, a laboratory‑developed test intended to evaluate lung cancer risk from a standard blood draw, and continues to be validated in large clinical trials like CASCADE‑LUNG, which seeks to demonstrate performance in thousands of participants. The company’s technology aims to make high‑quality cancer diagnostics available regardless of geographic or socioeconomic constraints, addressing a global need for earlier and more equitable detection tools.
Led by CEO and Founder Victor Velculescu, MD, PhD, Delfi Diagnostics combines advanced machine learning with whole‑genome fragmentomic analysis — a method that examines how DNA fragments vary across the entire genome in cancer patients — enabling sensitive, cost‑effective tests with the potential to impact patient outcomes worldwide. Its substantial funding from top venture and healthcare investors positions the company to continue developing new diagnostic applications and expanding its footprint in the broader oncology and precision medicine markets.
As cancer remains a leading cause of death globally, investors’ commitment to Delfi Diagnostics reflects a belief in the transformative potential of its liquid biopsy platform, both scientifically and commercially, as the company advances toward broader adoption and future growth.
