Invitae Raises $102 Million for 'Universal' Genetic Test

February 12, 2015 | Invitae, a genetic testing company founded by former Genomic Health CEO Randy Scott, raised $102 million today in an initial public offering. While many in the field of genomics have predicted that plummeting costs of DNA sequencing will one day lead to a single "universal" test for all genetic diseases, possibly in the form of whole genome sequencing, Invitae is the rare company already trying to make good on the promise. Invitae does not sequence whole genomes, but it does allow customers to pick and choose which genes to sequence across the company's entire menu of tests ranging from oncology to rare pediatric disease to cardiology, up to and including every test combined, at a standard price of $1500. Customers receive Invitae's report on any variants thought to be clinically relevant. The notion is to find a middle ground between blanket sequencing, which is still very expensive and nearly impossible to interpret, and the test-by-test process that is currently the norm for the industry, which doesn't take full advantage of the speed and throughput of next-generation sequencing. 

Bio-IT World previously profiled Scott and Invitae in "Randy Scott: Bringing Metcalfe's Law to Genomic Medicine." Invitae's IPO beat its target of $75 million.