RainDance Secures $20M, and a Believer in Myriad Genetics

▤ Summary

The Lexington, MA-based company today not only secured a $20 million Series E financing from its existing venture investors, but also added Myriad—an entity which has a 75 percent market share of all the breast and ovarian cancer testing in the U.S.—to its stable of stockholders.And Myriad has done so just two weeks after signing a multi-year supply deal to use RainDance’s technology to enhance its product that takes deep-dive looks at certain regions of the genome, to find hereditary abnormalities that lead to cancer.“We are free and clear to work with any customer in any field as we continue to grow our business.” That isn’t to say, of course, that RainDance or its investors, who have now poured about $100 million into the company since its inception in 2004, don’t have an exit in mind—be it through an acquisition, IPO, or otherwise.That’s because, Banerjee asserts, RainDance is now on the precipice of its big move, which would drive its valuation upward significantly and make the eventual returns for investors worthwhile.RainDance, for example, will use the latest round of cash to expand its manufacturing and marketing capabilities, scale itself up to meet growing demand, and to make strategic investments to transform its business into the area of clinical diagnostics.

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