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NEW YORK – Sema4 said on Wednesday that it has raised $121 million in an oversubscribed Series C financing round, giving the genetic testing and data analysis firm a valuation of over $1 billion.

BlackRock, the world's largest investment manager, led the round and was joined by new investors Deerfield Management and Moore Strategic Ventures and existing investors Blackstone, Section 32, Oak HC/FT, Decheng Capital, and the Connecticut Innovation Fund. Deerfield Partner Andrew Elbardissi has joined Sema4's board of directors.

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Antibody testing is expected to play an important role in the management of the COVID-19 pandemic. 


As worldwide COVID-19 cases continue to rise, there is a significant need to increase testing and population surveillance capacity.

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As cases of COVID-19 continued to grow this spring and summer in the US, so too did the number of Emergency Use Authorizations from the FDA for clinical diagnostic tests aimed at detecting current and past infections.