ClearNote Health, a San Diego-based developer of blood-based early cancer detection tests, has raised $52 million in Series D funding led by angel investor Mattias Westman. The company uses a proprietary 5hmC epigenomic platform combined with AI to detect DNA changes signaling cancer development, with tests targeting pancreatic and ovarian cancers. The capital will accelerate commercial growth and global expansion of its Avantect tests.
Liquid Biopsy Demand Drives Epigenomic Focus
The timing aligns with rising adoption of non-invasive liquid biopsy tests for cancers lacking screening options. ClearNote differentiates through targeted panels for high-mortality cancers rather than broad multi-cancer screening. Recent regulatory approvals and conference data presentations underscore momentum in this segment.
Pancreatic Cancer Lacks Early Detection Tools
Pancreatic cancer often goes undetected until late stages, contributing to high mortality. ClearNote's approach addresses this by analyzing cell-free DNA from standard blood draws in high-risk groups such as new-onset diabetes patients over age 50. Current methods fall short due to invasiveness or low sensitivity for early-stage disease.
5hmC Platform Targets High-Risk Cancers
ClearNote's Avantect Pancreatic Cancer Test combines 5hmC epigenomics, genomics, genotyping, and glycan biomarkers with machine learning. This yields 82.6% sensitivity and 97.5% specificity in high-risk patients. The strategy focuses on single-disease and targeted multi-cancer panels instead of broad screening used by competitors.
"This Series D financing validates our strong commercial momentum and differentiated platform."
Insider Angels Signal Biotech Conviction
Founding investor Mattias Westman led the round, joined by Sandy Weill and co-founder Dr. Stephen Quake. Their participation reflects sustained belief in the 5hmC platform's potential for both clinical diagnostics and biopharma partnerships.
Liquid Biopsy Market Scales with AI Integration
The liquid biopsy market stands at $4.03 billion in 2025 and is projected to reach $7.05 billion by 2030, growing at 11.8% CAGR per MarketsandMarkets. Competitors include GRAIL and Freenome pursuing broader multi-cancer approaches. ClearNote's emphasis on pancreatic and ovarian cancers positions it in underserved niches amid regulatory tailwinds for cfDNA tests.
Leadership Additions Strengthen Commercial Push
The round coincided with the appointment of Kevin Keegan as President and COO, bringing nearly 30 years of diagnostics experience from BD, Illumina, and Hologic. Additional hires in medical, regulatory, and business development roles support scaling.