Company Will Raise $1 Billion To Create Blood Test To Detect Cancer

Grail, a San Francisco startup that aims to invent a blood test that can detect cancer early, announced this afternoon that it plans to raise $1 billion in venture capital in its second financing round, a sum that puts the biotech startup in a class with tech names like Uber, Facebook, and AirBnb.

As part of the announcement, Grail is also spinning out of its parent company, San Diego’s Illumina, the $2.4 billion (sales) firm that makes most of the DNA sequencing machines that scientists and doctors use to study human biology, diagnose rare genetic diseases, and pick treatments for cancer patients. Illumina is keeping a 20% stake in Grail.

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