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Biotechnology company announced its largest funding round to date, an oversubscribed $270 million Series C financing, the company said Wednesday.

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The new investment gives Freenome more than $500 million in funding raised since the company鈥檚 inception in 2014. Previously, Freenome secured a round last year, according to Crunchbase data.

The Series C financing was led by new investor and existing investor . They were joined by a group of eight new investors, including , and . A group of 13 of Freenome’s existing investors also participated in the financing, including , funds and accounts advised by and .

The company, pioneering a proprietary platform for early cancer detection with a routine blood draw, said proceeds from the investment will go toward accelerating its for a blood test for colorectal cancer screening and precancerous lesion detection. It also is working to advance a portfolio of blood tests for other cancers and continue developing its platform.

PREEMPT CRC is a registrational study launched in May 2020 to support FDA approval for the first front-line blood test to help the 45 million people in the U.S. who are currently not up to date on colorectal cancer screening guidelines, the company said.

Jeffrey Schwartz, a managing director at Bain Capital Life Sciences, said in a written statement that Freenome鈥檚 research in detecting cancer earlier is cutting edge.

鈥淔reenome鈥檚 innovative approach to detecting cancer early, when it is most treatable, is on the leading edge of the liquid biopsy field with features that are advanced and differentiated for cancer screening,鈥� he added. 鈥淭he platform鈥檚 ability to detect a range of cancer types is compelling and we look forward to working with the company as it continues its growth.鈥�

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