Inivata reignites series C

Inivata, a UK-based precision cancer diagnostics spinout of University of Cambridge and Cancer Research UK, increased its series C round to $60m today following a $35m extension backed by commercialisation firm IP Group.
Soleus Capital has led the round, which also featured Janus Henderson Investors and Farallon Capital. Cancer diagnostics service provider NeoGenomics had provided the first $25m tranche as part of a strategic collaboration agreement in May 2020.
Founded in 2014, Inivata has created a highly sensitive personalised assay called Radar that enables the detection and monitoring of minimal residual disease – a small number of cancer cells that can remain in the body during or following treatment – and cancer recurrence.
Minimal residual disease detection requires processes that can find one tumour cell among a million normal cells.
Inivata will use the series C extension to accelerate the clinical development and rollout of Radar to patients more directly. The spinout had hitherto focused on marketing Radar to biopharmaceutical companies.
The money will also support the continued rollout of Inivata’s liquid biopsy test, InVisionFirst-Lung, for advanced non-small cell lung cancer.
Inivata secured $6m in a seed round in 2014 led by Imperial Innovations – the commercialisation firm formed by Imperial College London that subsequently rebranded to Touchstone Innovations and was eventually acquired by IP Group.
Cambridge Innovation Capital (CIC) and Johnson & Johnson Innovation – JJDC, the corporate venture capital division of healthcare group Johnson & Johnson, also took part in the seed round.
Inivata went on to raise $45m in series A financing in 2016 from CIC, Imperial Innovations, JJDC and Woodford Patient Capital Trust, which later collapsed by was rescued by Schroder and rebranded to Schroder UK Public Private Trust.
CIC and IP Group then participated in a $52.2m series B round in 2019 together with Woodford, JJDC and RT Ventures.