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Tesis Labs Raises $20M in Growth Equity Financing Round

NEW YORK – Genetic testing company Tesis Labs said on Tuesday that it has raised $20 million of growth equity financing.

The round was led by investment group Xcellerant 1 TLC and was the first external financing for the company since it began operations in 2020. Tesis previously raised approximately $15 million, the laboratory said in a statement.

Tesis said it will use the funding to increase production capability and clinical support and to move ahead with clinical initiatives for products going through clinical validation.

The firm provides next-generation sequencing tests for chronic diseases, including heart disease, lung disease, and somatic and hereditary cancer.

"Through our participation with clinical trials of our partners, we are helping to validate the clinical effectiveness and to potentially assist in early nonsymptomatic recognition of the potential application of their therapies," Ron King, Tesis' CEO and managing director, said in a statement. "By utilizing our unique diagnostic panels to assist with their clinical validation and data gathering, we are also able to streamline workflow and enhance go-to-market completion timelines."

Earlier this year, Tesis inked a deal with Personal Genome Diagnostics to develop genomic tests for cancer patients that combine somatic and germline variant results.