Color Genomics, a company founded by Twitter and Google vets, just raised $45 million in a round led by General Catalyst with participation from Bono, Laurene Powell Jobs, and others. It also announced that Susan L. Wagner, COO of BlackRock and an Apple board member, has joined the board.
Color offers a gene panel to test its users for mutations associated with common hereditary cancers. In a crowded space, it’s big differentiator is price. At $249, Color’s test is relatively inexpensive, so it doesn’t have to grapple with insurance companies. Another upside to this approach is that the results are less likely to appear on the medical record, meaning they face a lower risk of being discriminated against by life insurers (yep, that happens).
With its funding, Silicon Valley-based Color will continue to make a big play for employers. As CEO Elad Gil explained to me last week, genetic testing is increasingly seen by large companies as a hot new perk and a means to potentially lower health costs.