Color raised US$100 million in the announced Series E financing, valued at US$4.6 billion.Photo Source: Color
colour Raised $100 million recently In terms of equity, its valuation has tripled since then A round of financing ended in January. It is now worth $4.6 billion.
Kindred Ventures and a fund consulted by T. Rowe Price Associates led its Series E financing.
Color started as a genetic testing business in 2015 and found that its infrastructure was more widely used during the pandemic. The company has grown rapidly, operating thousands of Covid-19 testing sites, and is now seeking broader public health partnerships.
Before the pandemic, Color began to collaborate with the National Institutes of Health’s Owner Research Program and provided genomic testing services for Verily’s Project Baseline research.
In the past two years, the company has used this experience to run Covid-19 testing programs for schools, businesses, and governments.For example, it Established a partnership with PerkinElmer and California Operate Covid-19 testing and vaccination points across the state. It also runs test programs for companies such as Salesforce and several K-12 schools.
One aspect of these partnerships is the ability of Color’s software to report test results to the state data reporting system, which has been a challenge for public health agencies throughout the pandemic. Color stated that it supports a total of 6,500 inspection sites and 500 vaccination sites across the United States
“The facilities we build will serve as an important part of the public health infrastructure, providing healthcare services to those who need it most,” Color co-founder and CEO Othman Laraki Said in the press release. “We understand that as these services become simpler and more convenient, people’s ability to use these services has increased exponentially. Public health should happen where public life occurs.”
Looking to the future, Color plans to build relationships with public health agencies by providing infectious disease planning and prevention services. For example, it plans to provide testing services and follow-up consultations, and coordinate logistics to provide supplies to clinics and directly to patients. It will also continue to provide genetic testing and counseling.
